Wash. bank expanding to Oregon in $16M deal
Northwest Bancorp in Spokane, Wash., said Thursday that it had agreed to acquire CenterPointe Community Bank in Hood River, Ore.
The $131.1 million-asset CenterPointe operates three branches in the Columbia River Gorge region that spans both states. It reported net income totaling $977,000 for 2016, according to the Federal Deposit Insurance Corp.
Northwest is the parent of the $637 million-asset Inland Northwest Bank. It operates 15 branches in Washington and Idaho.
The combined company would have about $770 million of assets. The deal is valued at roughly $16.1 million.
“As a larger combined community bank, we believe INB will be even better positioned to grow, provide customers with superior personal service and create strong returns for our shareholders and our communities,” Northwest CEO Russ Lee said in a press release.
CenterPointe shareholders would receive $12.85 per share in cash and stock. They would own about 11% of the combined company after the deal closes in the third quarter. As of Dec. 31, CenterPointe had about 1.25 million shares outstanding.
CenterPointe CEO Mahlon Vigesaa would be president of Northwest’s Columbia River Gorge and Portland markets. In addition to its three branches, CenterPointe operates a loan production office in Lake Oswego, Ore., that serves the Portland area.
The deal for CenterPointe is Northwest’s first since October 2015, when it acquired the $152 million-asset Bank of Fairfield in Washington.