Heppner-based BEO Bancorp and its subsidiary, Bank of Eastern Oregon, continue their move into Washington with the acquisition of four branches of Umpqua Bank.
Branches in Dayton, Pomeroy, Colfax and Lacrosse will be acquired in the transaction announced last week and expected to close in the first quarter of 2019.
Financial terms were not disclosed.
The branches will operate upon closing as Bank of Eastern Washington, branches of Bank of Eastern Oregon.
Bank of Eastern Washington announced a new loan production office on Dayton’s Main Street in late September. Another loan-production office is located in Pomeroy.
The openings and acquisitions continue a move into Washington that began five years ago with the acquisition of Bank Reale in Pasco, said Bank of Eastern Oregon President and CEO Jeff Bailey.
“We see the addition of these Umpqua branches as a natural progression of expanding our brand of banking to rural communities in Eastern Washington,” Bailey said in a prepared statement.
The company was founded by farmers and ranchers in 1945 as Gilliam County Bank in Arlington, Ore. It has expanded to 14 branches and seven loan production offices in 12 Eastern Oregon counties and three Eastern Washington counties, regarding agricultural lending as the key to its historic and future success.
Brian Read, executive vice president of retail banking for Umpqua, said that company is committed to supporting communities where it operates.
“As customer preferences change how we deliver banking services, Umpqua remains strongly committed to supporting our communities,” Read said in the announcement. “We’re pleased that Bank of Eastern Oregon has agreed to purchase these four locations and will continue serving customers locally.”