Oregon-based Lewis & Clark Bank has completed the merger with Clatsop Community Bank for $15m.
The combined bank, Lewis & Clark Bank, will have its headquarters in Oregon City. Lewis & Clark Bank announced the merger with Clatsop Community Bank earlier this year. Through the merger, Lewis & Clark Bank’s assets are expected to be worth $300m, with branch locations in Oregon City, Seaside and Astoria across Oregon.
Lewis & Clark Bank president & CEO Jeffrey Sumpter said: “The completion of our merger with Clatsop Community Bank expands our geographic footprint while strengthening our ability to serve our clients.”
When the merger was announced, the two banks agreed that Clatsop Community Bank shareholders will each receive 0.3040 Lewis & Clark Bank shares and $2.89 in cash in exchange for each share of Clatsop stock.
Clatsop Community Bank president Joe Schulte said: “We are very excited to have successfully completed the merger of two strong organizations. The combined team of talented employees is enthusiastically collaborating to build on our history of service to our customers and communities.”
As of last December, Clatsop had $95m in assets, serving from two branches in Seaside and Astoria, both in Oregon.
As part of the merger, Lewis & Clark board will include three members from Clatsop board. This will help in creating a nine-member board of directors at Lewis & Clark Bank. Sumpter will continue in his role as president and CEO of Lewis & Clark and Schulte will join Lewis & Clark as market president.
Founded in 2008, Clatsop Community Bank serves the Clatsop County and neighbouring counties as the only locally-owned and operated bank in the area.
Established in 2006 in Oregon City, Oregon, Lewis & Clark Bank is a state-chartered full-service commercial bank.
Sandler O’Neill & Partners acted as the financial advisor and Miller Nash Graham & Dunn acted as legal counsel for Lewis & Clark. RP Financial acted as the financial advisor and Lane Powell as legal counsel for Clatsop.