BEO Bancorp in Heppner, Ore., has agreed to buy Bank Reale, in Pasco, Wash.

A purchase price for the cash-and-stock deal was not disclosed. The transaction is expected to close in the first quarter.

The acquisition would provide the $308 million-asset BEO with its first location in Washington, where the $39 million-asset Bank Reale operates one branch, just across the state line.

"We are excited to expand our footprint and bring our style of banking to the region," Jeff Bailey, BEO's president and chief executive, said in a news release Friday.

The $34 million-asset Bank Reale will be rebranded as the Bank of Eastern Washington when the deal closes.

BEO is the parent company of the Bank of Eastern Oregon, which operates 12 branches and five loan production offices on the eastern side of the state.

BEO was advised by Commerce Street Capital and LC Financial Advisors. McAdams Wright Ragen acted as the adviser to Bank Reale.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.