A local bank company would get a foothold in two college towns with its deal to buy a closely held $58 million-asset bank.
United Security Bancorp., which has $233.2 million of assets, agreed to pay $11.96 million in cash for seven-branch Bank of Pullman, Wash.-the hometown of Washington State University.
Bank of Pullman has six branches in its home state and one in Idaho-in Moscow, home of the University of Idaho. William C. Dashiell, president and chief executive of United Security, said his bank had been eyeing the Idaho market for some time.
Mr. Dashiell said the acquisition, which is expected to close by yearend, would add to earnings next year.