Riverview Community Bank has completed its purchase of Gresham-based Merchants Bancorp (MBank). The transaction was originally announced in late September.
In connection with the deal, Riverview has acquired approximately $116 million in net loans and assumed certain liabilities, including approximately $132 million of MBank’s customer deposits. Riverview also assumed the obligations of Merchants Bancorp’s trust preferred securities.
“We are pleased to announce the completion of this transaction and want to welcome the MBank customers and employees to Riverview,” said Pat Sheaffer, chairman and chief executive officer of Riverview, in a press release. “This transaction provided us a unique opportunity to expand our market presence in Oregon and our broader branch network will allow us to better serve our new and existing clients.”
Kim Capeloto, executive VP and chief retail banking officer of Riverview, said the rebranding of MBank’s three branch locations and the transition of customer accounts to Riverview will begin immediately.
“The MBank office in Gresham will merge into our larger Gresham branch less than half a mile away, while the MBank clients in Lake Grove will now be served by our brand new facility one mile south on Nyberg Street in Tualatin, opening Tuesday February 21,“ he said.
“We’re extremely excited that all of the branch managers and commercial lenders from MBank have agreed to join the Riverview family,” Capeloto added. “Riverview is the largest community bank in the Portland Metro area and our employee-owners are truly excited about this opportunity. With the added expertise and passion of our new MBank teammates, we believe we can continue to fulfill our potential in encouraging homeownership, job creation and supporting hundreds of local service organizations.”
