Pacific Continental Corp. in Eugene, Ore., plans to enter Washington by buying the $143 million-asset NWB Financial Corp. of Seattle for $39 million.
Pacific is to pay about $14.5 million in cash and issue about 1.4 million shares of its stock, valued at about $22.2 million. All outstanding options for NWB stock would be converted into Pacific stock options.
NWB is the parent of the 7-year-old Northwest Business Bank, which has branches in Seattle and Bellevue, Wash. Northwest's branches would become branches of Pacific Continental Bank, which has 10 branches in Oregon.
The $554 million-asset Pacific said it intends to build additional branches in Washington, including Vancouver, which is just over the Oregon border.
The NWB deal was announced Wednesday and is expected to close next quarter.
