FOR IMMEDIATE RELEASE

January 24, 2001

CONTACT:

Tri-County Bancorp, Inc.
Robert L. Savage, President and Chief Executive Officer
(307) 532-2111

Platte Valley Financial Service Companies, Inc.
Hod Kosman, Chairman and Chief Executive Officer
(308) 632-7004

                 PLATTE VALLEY FINANCIAL SERVICE COMPANIES, INC. TO ACQUIRE
                                  TRI-COUNTY BANCORP, INC.

Scottsbluff, NE /Torrington, WY- Platte Valley Financial Service Companies, Inc.
of  Scottsbluff,  Nebraska  and  Tri-County  Bancorp,  Inc.  (NASDAQ:  TRIC)  of
Torrington,  WY have  executed an  Acquisition  Agreement  and Plan of Merger in
which  Tri-County  Bancorp will be acquired by Platte Valley  Financial  Service
Companies,  Inc. Tri-County Bancorp, Inc. is the parent of Tri-County Bank. This
agreement  supercedes a letter of intent entered into by the parties on December
7, 2000.

The agreement  provides that the common  shareholders of Tri-County will receive
$12.60 in cash for each  common  share.  The  transaction  is subject to certain
contingencies  including  the  satisfaction  of  applicable  federal  regulatory
requirements  (including the sale of Tri-County Bank's Torrington and Wheatland,
Wyoming  branches to Platte Valley  National Bank and the transfer of Tri-County
Bank's  headquarters to Cheyenne,  Wyoming) and approval by the  shareholders of
Tri-County.  The merger, which would be accounted for as a purchase, is expected
to close late in the first quarter or early in the second  quarter of 2001.  The
merger is valued at  approximately  $11.67  million.  The  agreement  includes a
break-up fee of $450,000 payable to Platte Valley in the event Tri-County enters
into an acquisition agreement with an unaffiliated third party other than Platte
Valley.

"We're very  excited to welcome  Tri-County  to the Platte  Valley  family," Hod
Kosman,  Chairman & Chief Executive  Officer of Platte Valley Financial  Service
Companies,  Inc., said.  "Together,  our organizations  will be in a position to
offer our customers a wider range of products and  services,  such as brokerage,
trust and insurance  services,  while  continuing both companies'  commitment to
their communities. This acquisition fits into our expansion plans and our desire
to grow our  franchise in markets  where we can add value for our  shareholders,
customers and the community."

"Tri-County  customers  can look  forward to the same  outstanding  and friendly
service  that we have always  provided  from our  existing  personnel,  while we
expand the  products we offer by joining  with Platte  Valley,"  Robert  Savage,
President and Chief Executive Officer of Tri-County Bancorp, Inc., said. "We are
extremely pleased with this transaction.  Our similar operating philosophies and
dedication  to  providing  the  highest  quality of customer  service  make us a
perfect match."

Platte Valley  started its  financial  network of companies in March of 1996 and
currently   operates   through  seven   subsidiaries:   Platte  Valley  National
Bank-Torrington; Platte Valley Ag Credit Co. with one location in Torrington and
two locations in Nebraska;  Platte  Valley  National  Mortgage  Company with one
location in Torrington and two locations in Nebraska;  Platte Valley  Investment
Center,  Inc.  with one  location in  Torrington  and one  location in Nebraska;
Platte  Valley  Lending  Company-Scottsbluff;  J.G.  Elliott  Company  with  one
location in  Torrington  and three  locations  in  Nebraska;  and Platte  Valley
National Bank-Scottsbluff with six locations in Nebraska.

 "At closing, Platte Valley National Bank of Torrington would combine operations
with  Tri-County Bank under the name of Platte Valley National Bank and continue
to utilize the current  facilities  of  Tri-County  Bank located in  Torrington,
Wheatland  and  Cheyenne,  Wyoming,"  said Kosman.  Based on September  30, 2000
numbers,   Tri-County  will  add   approximately   $97  million  in  assets  and
approximately  $54 million in deposits to Platte Valley's $225 million in assets
and $171 million in deposits as of November 30, 2000.

Keefe, Bruyette & Woods, Inc. acted as investment banker for Tri-County.

This press release includes forward-looking statements that are subject to risks
and  uncertainties.  Actual results might differ materially from those projected
in the forward-looking  statements.  Additional  information  concerning factors
that  could  cause  actual  results  to  materially  differ  from  those  in the
forward-looking   statements  is  contained  in  the   Securities  and  Exchange
Commission filings of Tri-County Bancorp. Readers are cautioned not to put undue
reliance on any forward-looking statements contained herein, which speak only as
of the date hereof.  The companies  undertake no obligation to release  publicly
any revisions to forward- looking  statements that may be made to reflect events
after the date hereof or to reflect the occurrence of unanticipated  events.  In
addition,  the forward-looking  statements contained herein are subject to risks
and uncertainties,  including the successful  negotiation of a definitive merger
agreement and to  completion of certain  contingencies  mentioned  herein.  This
announcement is neither an offer to sell nor a solicitation  for an offer to buy
securities.  The offering with respect to the proposed  merger will be made only
by the proxy that will be distributed  to  shareholders  in connection  with the
consideration of the transaction.