Pacific Financial Corporation, which operates Bank of the Pacific, has agreed to purchase three bank branches from Sterling Financial Corporation.
The Sterling Bank branches being acquired are in Aberdeen, Astoria, Ore. and Seaside, Ore. This will increase Bank of the Pacific's operations to 17 branches in Washington and three branches in Oregon.
Under the agreement, Bank of the Pacific will acquire approximately $50 million of deposits and approximately $6 million of performing loans.
The transaction, which is subject to regulatory approval, is expected to be completed in the second quarter of 2013.
Bank of the Pacific, based in Aberdeen, has four branches and two loan centers in Whatcom County.
Reach DAVE GALLAGHER at email@example.com or call 715-2269.