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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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