Bank of the Pacific to Acquire Local Bank Branch
Pacific Financial Corporation announced today that its wholly-owned subsidiary, Bank of the Pacific, has entered into a definitive agreement to acquire three branches of Sterling Savings Bank including the Aberdeen, Washington branch. The transaction will expand Bank of the Pacific’s operations to 17 branches in Washington and 3 branches in Oregon.
Pacific President and CEO Dennis Long said “We are very excited about expanding our footprint with these branch locations, particularly in Oregon. This compliments nicely our current branch construction in Warrenton, Oregon and will provide our new and existing customers with added convenience and service in Clatsop County, as well as boosting our presence in Aberdeen, Washington.”
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.