Vancouver-based Riverview Bancorp Inc. is expanding its presence in Oregon.
On Thursday, the bank announced that it has entered into a purchase and assumption agreement with Gresham-based Merchants Bancorp (MBank), an Oregon chartered commercial bank with three branch offices.
As part of the transaction, which is expected to close during the first quarter of 2017, Riverview will acquire certain assets of MBank, including approximately $130 million in net loans and will assume certain liabilities, including approximately $128 million of MBank’s customer deposits.
“This is a natural geographic expansion for Riverview, fitting well into our strategy of increasing market share in Oregon,” said Pat Sheaffer, chairman and chief executive officer of Riverview, in a press release. “Our two banks have identical missions – to provide our clients with the local, personal service you can only receive from a true community bank. We are excited to welcome MBank’s customers.”
“It’s a wonderful fit, where product offerings are similar and the resources available to our customers are greatly enhanced, including additional branches and a full service trust and asset management company,” added Jef Baker, president and chief executive officer of MBank. “Riverview and MBank share the same passion for customer service. I want to thank MBank’s customers and employees for their continued loyalty and support.”
MBank’s branch locations (Gresham, Portland and Lake Grove, Oregon) will continue to operate as MBank branches until the transaction is completed. Once the acquisition has been finalized, the branches will become part of Riverview Community Bank’s branch network.
This story will be updated.
