Cowlitz Bancorp., Longview, Wash., said it has reached a definitive agreement to acquire Business Finance Corp., Bellevue, Wash., for $3 million in stock.

The $180.2 million-asset bank said the transaction, which has been approved by the boards of both companies, is subject to regulatory approval. The deal would be paid for over the next 12 months.

Business Finance Corp. provides asset-based lending-factoring, leasing, and inventory financing-for companies in Washington, Oregon, California and Nevada. The privately held company had revenues of $957,000 in 1997.

Cowlitz, which announced the agreement Aug. 12, said it expects the acquisition to be immediately accretive to earnings.

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