The Bank of Eastern Oregon will acquire four Umpqua Bank branches in southeastern Washington.
The Heppner-based bank announced the acquisition of the Colfax, Dayton, Lacrosse and Pomeroy offices in a news release Friday. It marks another substantial northern move for the company.
“Our expansion into Washington began nearly five years ago when we acquired Bank Reale in Pasco,” Jeff Bailey, president and CEO of the bank said in the release. “We see the addition of these Umpqua branches as a natural progression of expanding our brand of banking to rural communities in eastern Washington.”
The transaction is expected to close early in 2019, according to the release, and the terms were not disclosed. The branches will operate as Bank of Eastern Washington.
“As customer preferences change how we deliver banking services, Umpqua remains strongly committed to supporting our communities,” said Brian Read, Umpqua’s executive vice president of retail banking. “We’re pleased that Bank of Eastern Oregon has agreed to purchase these four locations and will continue serving customers locally.”
The Bank of Eastern Oregon was founded in Arlington in 1945 and now has 14 branches and seven loan production offices across eastern Oregon and Washington.