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IndustryUpdate

TricCo Bancshares, Valley Republic Bancorp merge environments where technology and people are key to
success, Keller brings extensive experience in payments
TriCo Bancshares completed its previously announced and B2B markets, PPS stated.
merger with Valley Republic Bancorp as of March
25, 2022. The combined company, operating as TriCo Finaro expands management team
Bancshares with its banking subsidiary, Tri Counties
Bank, anticipates having total assets of approximately Finaro, a cross-border payment provider and licensed
$10.1 billion as the result of the merger. Under terms bank, expanded its management team. Ruben Frimand
of the agreement, each share of Valley common stock Nielsen joined Finaro as vice president of sales and
has been converted into the right to receive 0.95 shares business development for Denmark, Sweden, Norway,
of TriCo common stock, with cash to be paid in lieu of Finland, the Faroe Islands, Iceland and Greenland.
fractional shares. TriCo issued approximately 4.1 million Directly prior, Nielsen was a senior executive in the
shares of common stock in the merger. international payments division in Mastercard. Finaro
appointed Clemens Leitner as vice president of sales
APPOINTMENTS and business development to lead Finaro's expansion
in Germany, Austria and Switzerland. Before joining
Finaro, Clemens was a senior executive at Dimoco
Andrea Keller joins PPS Carrier Billing.

PPS, an Edenred company, appointed Andrea Keller as Or Frankenstein Paran joined Finaro as vice president
managing director. Keller is an experienced payment of sales and business development in the UK, having
professional, having worked in the industry for more previously led strategic business development initia-
than 20 years at PPS's parent company, Edenred. He tives at Citi and d-local. Itamar Kummer signed on with
joins PPS from the position of managing director for Finaro as director of sales and business development in
Edenred Pay in Latin America, where he focused on pay- Israel. Kummer previously served as an executive at P3
ments and fintech solutions. A passionate executive who Financial Group in Finland and AGT International in
delivers business growth in dynamic and fast changing China.