Aberdeen-based Bank of the Pacific has entered into an agreement to purchase three branches from Sterling Savings bank, including the downtown Aberdeen branch. The other two branches are located in Astoria and Seaside, Ore. The transaction will expand Bank of the Pacific’s operations to 17 branches in Washington and three in Oregon.
Under the terms of the agreement, Bank of the Pacific will acquire about $50 million in deposits. Additionally, about $6 million of performing loans will be acquired.
“We are very excited about expanding our footprint with these branch locations, particularly in Oregon. This complements nicely our current branch construction in Warrenton, Ore., and will provide our new and existing customers with added convenience and service in Clatsop County, as well as boosting our presence in Aberdeen,” said Dennis Long, president and CEO of Bank of the Pacific.
The transaction, which is subject to regulatory approval and other customary conditions of closing, is expected to be completed during the second quarter of 2013.
Upon completion of the acquisition, the three Sterling Bank branches will operate under the Bank of the Pacific name.
With Sterling’s downtown branch just two blocks away from Bank of the Pacific’s, Long says plans are still up in the air on how that new property will be used.
“We’re kind of outgrowing where we’re at in our Aberdeen branch,” Long said Wednesday. “We think we can use some of that space, but we haven’t made any decisions yet. At this point, we’re still evaluating all that.”