A Washington State thrift company is buying its chairman's bank company.

Donald V. Rhodes is also chief executive officer of both-Heritage Financial Corp., the buyer, and Washington Independent Bancshares. The price was not disclosed.

Heritage is based in Olympia and owns Heritage Bank, a state-chartered mutual savings bank. Washington Independent is based in Topenish and owns $54.5 million-asset Central Valley Bank, which operates five branches throughout Yakima County, in central Washington.

The deal, announced Sept. 28, was the second in two months for Heritage Financial. In August it announced an agreement to buy Bank of Grays Harbor.

The two transactions, which would bring the buyer's assets to more than $580 million, are expected to close early next year.

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