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 Bank’s $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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.