A pair of Oregon banks are merging. Lewis & Clark Bank will acquire Clatsop Community Bank In a cash and stock transaction worth $15 million.
As of Dec. 31, Clatsop had $95 million in assets and two branches: its headquarters in Seaside, Ore., and one in Astoria, Ore. Lewis & Clark has one office in Oregon City.
“This is a great opportunity for Clatsop Community Bank to immediately benefit from increased scale and participate in much larger, adjacent markets,” said Clatsop President and CEO Joe Schulte. “I want to thank our dedicated employees, loyal customers and supportive shareholders and look forward to the enhanced potential of the combined company going forward.”
After the deal closes mid-year, three Clatsop directors will join the Lewis & Clark board. Schulte will join Lewis & Clark as market president.
“Clatsop Community Bank is a great bank and an ideal partner for us.” said Jeff Sumpter, president and CEO of the $197 million Lewis & Clark. “We have similar cultures and banking philosophies and this combination will create significant synergies and opportunities for future growth. The greater scale and added liquidity will strengthen our financial position; expand our ability to serve our clients and better position us for future growth.”
Lewis & Clark was advised in this transaction by Sandler O’Neill & Partners, L.P. as financial advisor and Miller Nash Graham & Dunn, LLP as legal counsel. Clatsop was advised in this transaction by RP Financial, LC. as financial advisor and Lane Powell PC as legal counsel.