In Brief: U.S. Bancorp Buying Northwest Bancshares

U.S. Bancorp announced Friday it has a deal to acquire Northwest Bancshares, Vancouver, Wash., for an undisclosed amount. The merger is expected to close in the third quarter.

The acquisition of $390 million-asset Northwest Bancshares is consistent with U.S. Bancorp's strategy to reach the No. 1 or No. 2 position in each of its markets. Upon completing the deal, U.S. Bancorp would be the top commercial banking company in fast-growing Clark County.

Northwest, which is controlled by family members of Thomas C. Young, the company's chairman and chief executive officer, was not for sale when U.S. Bancorp approached the owners about a deal.

The terms, however, were "too attractive to pass up," said Randy Krenelka, Northwest's chief financial officer.

Mr. Young is expected to remain chairman of Northwest until the bank is consolidated into U.S. Bancorp during the first quarter of 1999.

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