Northwest Bank in Boise, Idaho, has agreed to buy Regal Financial Bank in Seattle.
The $258 million-asset Northwest said in a press release Friday that the acquisition will expand its market for small business lending. The company did not disclose the deal's financial terms.
"This merger will provide an experienced SBA lending team and a physical presence in Seattle in order to serve more clients in the Pacific Northwest," Steve Wasson, Northwest's president and chief executive, said in the release.
The acquisition, expected to close in the third quarter, continues Northwest's expansion along the Pacific coast. The bank, which was created as Western Capital Bank in 2008, changed its name in 2012 after it bought Northwest Bank in Lake Oswego, Ore., according to the Federal Deposit Insurance Corp.
Regal, which has one branch and $98 million in assets, will be rebranded as Northwest Bank.
Additionally, Northwest has hired Brandon Elieff as president of its Washington office. He recently worked in the lending office of Northern Trust in Seattle. He has also worked in the corporate banking division at Sterling Savings Bank, which was acquired by Umpqua Holdings (UMPQ) earlier this year.
Northwest has branches in Boise and Lake Oswego.