A Portland, Ore., community bank plans to buy the assets of a rival just six blocks away.
Albina Community Bank, a unit of $39 million-asset Albina Community Bancorp, agreed to acquire most of American State Banks $12.8 million of assets for an undisclosed amount.
The deal was announced last week. It is expected to close late next month, around the time that Venerable F. Booker, who founded American State 30 years ago and is its chairman, president, and chief executive officer, is to retire.
Mr. Booker will manage a small number of loans in his retirement, said Robert L. McKean, president and chief executive of Albina Community Bank.