Interwest Bancorp of Oak Harbor, Wash., said it would buy NBT Northwest Bancorp, Tukwila, Wash., for about $13.7 million of stock, or $22.13 per share.
The deal, announced last week, is worth about 2.8 times NBT's book value and 18.4 times its 12-month earnings through March 31. NBT is the $48.2 million-asset parent of National Bank of Tukwila.
Under terms of the deal, Interwest would exchange 0.84 to 0.88 share of its stock for each outstanding share of the privately held NBT.
Interwest is a $2.4 billion-asset thrift company with 54 branches. The deal, which would be its sixth commercial bank acquisition since 1996, is expected to close in the fourth quarter.