West One Bancorp has agreed to buy a Portland-area savings bank for $32 million in stock, a move that would double West One's assets in Oregon.
The acquisition of Washington Federal Savings Bank of Hillsboro should be complete before the end of the year, West One spokeswoman Stacie Neely said Monday."Washington Federal Savings Bank has a history of good financial performance, (and) a strong retail branch network," West One Chairman Dan Nelson said.
Boise-based West One has made no secret of its intent to buy up banks in its four-state territory of Idaho, Utah, Oregon and Washington.
Since 1988, West One has acquired banks in the Puget Sound area in Washington as part of its plan to become a bank-holding company with assets of $5 billion. It also wanted to buy banks in Portland, the business hub of Oregon.
Now at $4.8 billion, West One would exceed the plan if shareholders, regulators and the boards of both companies agree to the acquisition of Washington Federal, with $362 million in assets and 16 branches.
Under the merger plan, Washington Federal will be folded into West One Bank Oregon, with its assets of $378 million and 17 banking offices.