Columbia Banking System in Tacoma, Wash., has agreed to buy Intermountain Community Bancorp in Sandpoint, Idaho.

The $7.2 billion-asset Columbia will pay $121.5 million, or $18.22 a share, in cash and stock for the $911 million-asset Intermountain. The deal is expected to close in the fourth quarter and should be immediately accretive to Columbia's earnings per share.

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