Cascade Financial Corp. has agreed to buy hometown rival Amfirst Bancorp.

Under the agreement, Amfirst shareholders will receive about two shares of Cascade common stock for each Amfirst share. American First National Bank will be merged into the thrift's subsidiary, Cascade Bank.

The merger will add $65 million-asset American First's strength in commercial and consumer lending to $348 million-asset Cascade's expertise in mortgage lending. American First has four branches in three communities, while Cascade has offices in eight communities.

The transaction is still subject to shareholder and regulatory approval.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.