Bank of Southern Oregon said Friday that it plans to buy United Bancorp, Roseburg, Ore., for approximately $31 million in stock.

Under the terms of the pooling-of-interests agreement, United shareholders would receive 1.971 shares of Bank of Southern Oregon's stock for each share they own.

The deal, which would create a $280 million-asset company with 11 branches, is expected to close in the second quarter of next year. -- Matt Andrejczak

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