Heritage Financial in Olympia, Wash., has agreed to buy Puget Sound Bancorp in Bellevue, Wash.

The $4 billion-asset Heritage said in a press release late Wednesday that it will pay $126.1 million in stock for the $567 million-asset Puget Sound. The deal, which is expected to close in the first quarter, prices Puget Sound at 243.5% of its tangible book value.

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