In Brief: $14M Merger Deal On Northwest Coast

Security Bank Holding Co. is buying a one-branch bank for about $14 million to reach a bit farther up the Oregon coastline.

The stock-swap deal is for Pacific State Bank in nearby Reedsport. Security has assets of $197 million; Pacific's total $52.7 million.

Chuck Brummel, Security's president and chief executive, dismissed speculation that the deal had been in the works since A.T. Green, now Pacific State's president and CEO, was Security's executive vice president of loan administration.

The idea arose more recently, Mr. Brummel said. Pacific State is "highly efficient" and "a natural part of our market," he said.

Mr. Green would continue to run Pacific State, which would operate as an independent subsidiary.

Security is also applying for a state bank charter to make a branch in Brookings Harbor an independent bank. The branch, a failed bank that Security acquired in 1985, would be named Family Security Bank.

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