Northwest Bancorp. in Spokane, Wash., has agreed to buy Fairfield Financial Holdings in Fairfield, Wash.
The $448 million-asset Northwest said in a press release Tuesday that it will pay about $21 million in cash for the $152 million-asset parent of Bank of Fairfield. The deal is expected to close in the fourth quarter.
Northwest "is focused on building the premier community banking organization in our region and we believe with this combination, the bank will be even better positioned to grow, serve our customers and create solid returns for our shareholders," Randall Fewel, the company's president and chief executive, said in the release.
Northwest said it plans to sell an undisclosed amount of common stock in a private offering in conjunction with the acquisition.
Bank of Fairfield has expertise in agricultural lending, along with $103 million in loans and $134 million in total deposits.
Jay Wernz, chairman, president and chief executive of Fairfield Financial, will join Northwest's board.
D.A. Davidson and Witherspoon Kelley advised Northwest. Wedbush Securities and Breyer & Associates advised Fairfield.