Washington Federal to buy Anchor Bancorp for $64 million
Washington Federal in Seattle has agreed to buy Anchor Bancorp in Lacey, Wash.
The $14.9 billion-asset Washington Federal said in a press release Wednesday that it will pay $63.9 million in stock for the $441 million-asset Anchor. The deal is expected to close in the third quarter.
The deal is expected to be accretive to Washington Federal’s earnings per share and tangible book value.
The merger would allow Washington Federal to establish a commercial banking presence in downtown Tacoma, Brent Beardall, Washington Federal’s president and CEO, said in the release.
Anchor’s sale agreement comes less than a year after it put a representative of the activist investor Stilwell Group on its board.
Davis Wright Tremaine advised Washington Federal. Keefe, Bruyette & Woods and Breyer & Associates advised Anchor.