Heritage Financial Corp., Olympia, Wash., has announced plans to acquire North Pacific Bancorp, Tacoma, Wash., for an undisclosed sum.
Heritage, with $323 million of assets, said it would pay cash for North Pacific and its subsidiary, North Pacific Bank. North Pacific, with $74 million of assets, is privately held.
The merger, expected to close in the third quarter, would unite two thrifts with long histories in the Puget Sound area. North Pacific was founded in 1906, and Heritage, the parent of Heritage Savings Bank, has been operating since 1927.
"Heritage appreciates the long and successful history of North Pacific bank in Tacoma and looks forward to working with its many talented employees," said Donald V. Rhodes, chairman, president, and chief executive officer of Heritage.
North Pacific's two branches are expected to be converted into Heritage offices. Its three senior officers, including president Paul Manning, have accepted offers to join Heritage.