Poulsbo, Wash.-based Liberty Bay Bank is acquiring Walla Walla, Wash.-based Banner Bank's deposits of its Poulsbo location.
Liberty Bay Bank is to purchase deposits of about $25 million, including personal and business accounts. The significant terms and conditions of the transaction require Liberty Bay Bank to pay 3.55% of the average daily closing balances of the core deposits, 0.10% of the average daily closing balances of the concentration deposits and 0% of the closing balances for all time deposits to be acquired.
Liberty Bay Bank does not plan to raise additional equity or incur debt in connection to the deal. The transaction is subject to regulatory approvals and closing conditions.
The deal is expected to close in the second quarter of 2018.
As of Dec. 31, 2017, Liberty Bay bank had $103.3 million in assets and Banner Bank had about $9.48 billion in assets.