Columbia Bank has acquired all of the deposits and certain assets of Colfax-based Bank of Whitman from the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver of the institution.
The bank said it will acquire approximately $315m in total assets and $516m in deposits. The purchase price reflects an asset discount of $30m with no deposit premium.
Additionally, the FDIC has signed a modified whole bank purchase and assumption agreement without loss share with Columbia Bank.
Under purchase and assumption deal, eight branches, located in Clarkston, Colfax, Othello, Pullman, Ritzville, Spokane (downtown and Wandermere) and Walla Walla will reopen as Columbia Bank branches.
As part of the transaction, the remaining 12 branches will not reopen. Accounts at the Kennewick and Pasco branches will be transferred to nearby Columbia Bank branches in the Tri Cities.
Customers may continue to access their funds without interruption through their current checks, cards and online services with all deposits transferred to Columbia Bank.
In addition, all former customers of Bank of Whitman may bank at any of the eight remaining branches and the two Columbia Bank branches in the Tri Cities.
Keefe, Bruyette & Woods served as financial advisor for Columbia in this transaction.