Coastal Financial and Prime Pacific Financial Services, each based in Snohomish County, Wash., have agreed to merge.
The combined bank will retain the Coastal Community Bank name and have $704 million in assets and 15 branches, the companies said in a press release Friday.
Eric Sprink, Coastal's president and chief executive, will keep those posts at the bank. Glenn Deutsch, Prime Pacific's president and chief executive, will serve as chief operating officer.
"This merger will bring together both the oldest and the largest community banks still based in Snohomish County," Sprink said in the release. "The merger will meld the best aspects of both companies, such as Prime's expertise in SBA Lending, while Coastal brings with it more experience in commercial and industrial loans, as well as expanded product offerings such as Mobile Banking."
The companies did not disclose the price of the deal, which is set to close by Sept. 30.