West Coast Bancorp of Lake Oswego, Ore., which has not made an acquisition in eight years, has agreed to buy the $99 million-asset Mid-Valley Bank of Woodburn, Ore., for $25.15 million in cash and stock.
Robert D. Sznewajs, the president and chief executive of the $2 billion-asset West Coast, said Feb. 1 in a press release announcing the deal that buying Mid-Valley would make West Coast Bank No. 1 in deposits in north Willamette Valley, just south of Portland.
It would replace Washington Mutual Inc. of Seattle as No. 2 in deposits in Mid-Valley's county of Marion. Its deposit share there would go from 14.09% to 16.51%. U.S. Bancorp of Minneapolis is No. 1 in deposits in Marion County, with a 20% share.
West Coast bought three banks between 1995 and 1998 but has focused on organic growth since then. Its assets have increased 59% since December 1998.
Mid-Valley was founded in October 1998. Its five branches are in Woodburn and Wilsonville. Its deal with West Coast is expected to close toward the end of the second quarter.
