Once rebuffed in a bid to buy a hometown rival, South Umpqua State Bank said this week that it has a deal to acquire Douglas National Bank for roughly $43.2 million.

South Umpqua, based in Roseburg, Ore., would pay $22 per share-or about 3.66 times book value-for Douglas National and its parent, United Bancorp. The deal would create Oregon's third-largest community bank, with more than $400 million of assets.

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