TACOMA — Columbia Bank got a little larger this week when it completed its acquisition of Idaho’s Panhandle State Bank.
Technically, the deal was between the parent companies — Columbia Banking System and Intermountain Community Bancorp.
With the acquisition, Tacoma-based Columbia Bank now has more than 150 locations in Idaho, Oregon and Washington, including five in Snohomish County, and assets worth about $8.5 billion, according to the company.
Columbia Bank’s presence is concentrated along the I-5 corridor.
Intermountain had assets worth about $910 million and 19 branches, according to a presentation on the merger given this summer by Columbia for its investors.
“This acquisition marks our entry into the Idaho market, and furthers our long stated objective of being the leading Pacific Northwest regional community bank,” Columbia CEO Melanie Dressel said in a news release this week. “The complementary aspects of the companies’ businesses, including customer focus, business orientation and compatibility of values and operating styles, make the merger a natural fit.”
Dan Catchpole: 425-339-3454; dcatchpole@heraldnet.com; Twitter: @dcatchpole.
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