A Washington State thrift company struck a deal to buy a commercial bank in the Pacific Northwest, its third such deal in 1998.

First Washington Bancorp in Walla Walla said last week that it signed a definitive agreement to buy Seaport Citizens Bank of Lewistown, Idaho, for $10.1 million in cash. The transaction, which marks First Washington's entry into Idaho, is valued at 2.5 times Seaport Citizen's book value and 16 times earnings for the 12 months ending Sept. 30.

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