found a willing-if rare-local acquisition candidate. VRB Bancorp, parent of Valley of the Rogue Bank, has agreed to buy Colonial Banking Co., Grants Pass, Ore., for $17.5 million in cash. The deal is expected to close Jan. 1. "There weren't too many options in the Rogue Valley," said Felice Belfiore, chief financial officer of Valley of the Rogue Bank. Ms. Belfiore said that while searching for opportunities VRB heard that $108.5 million-asset Colonial was interested in selling. If the deal is completed, Valley of the Rogue Bank, which has $180 million of assets, would absorb into its branch network Colonial's five offices.

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