VRB Bancorp dipped a toe into the burgeoning Portland, Ore., market last week with its agreement to buy $112 million-asset Colonial Banking Co.

VRB, the Rogue River, Ore.-based holding company for Valley of the Rogue Bank, said it would pay $17.5 million in cash for Grants Pass, Ore.-based Colonial. The $191 million-asset company, which has nine branches, was especially interested in Colonial's recently opened Portland loan production center.

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