United Security Bancorp, Spokane, Wash., has announced plans to buy Grant National Bank, Ephranta, Wash., for about $10 million of stock.
United Security, with $350 million of assets, has agreed to exchange 14 shares of its stock for each share of Grant National stock. The 33,000 shares of Grant National are primarily owned by Grant County residents and do not trade on an exchange.
"Grant National is a logical expansion of our presence in central Washington," said Richard C. Emery, president and chief operating officer at United Security. He added that the $33 million-asset bank would retain its name, staff, and board of directors.
United Security operates three banking subsidiaries in Washington and Idaho. Its deal for Grant National, priced at 2.9 times book value, is expected to close in the third quarter.