Walla Walla’s Banner Bank bought six branches of Umpqua Bank, an Oregon state-chartered bank, and successor to Sterling Savings Bank, a Washington state-chartered bank.
Banner Corporation, the parent company of Banner Bank and Islanders Bank, announced Monday that the previously announced purchase has been completed.
Five of the six branches are located in Coos County, Ore. and the sixth branch is located in Douglas County, Ore.
As part of the deal, Banner Bank acquired about $211 million in deposits and $83 million in loans and related assets.
“We are pleased to welcome new clients and employees to the Banner Bank family in connection with the expansion of our Pacific Northwest franchise, specifically in Oregon, as a result of the completion of this transaction,” said Mark Grescovich, Banner Bank president and chief executive officer, in a statement.
Banner Bank, a Washington-chartered commercial bank, has 84 locations in Washington, Oregon and Idaho. The Banner Corporation, a $4.49 billion bank holding company, operates two commercial banks in Washington, Oregon and Idaho. For more information go to www.bannerbank.com.