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Washington-based Riverview Community Bank to acquire Oregon-based MBank

Vancouver, Wash.-based Riverview Community Bank ($930.8 million) willacquire certainassets and assume certain liabilities of Gresham, Ore.-based MBank ($164.6 million) in a cash transaction.

Riverview Community Bank is a unit of , while MBank isa subsidiary of MerchantsBancorp.

Under the purchase and assumption agreement, Riverview willacquire approximately $130 million in net loans and will assume about $128million of MBank's customer deposits, based on June 30 financial information,according to a news release. The deal also provides that Riverview Bancorp willassume the obligations of Merchants Bancorp's trust preferred securities.

The transaction is anticipated to be accretive to earningsin the first full year. It is expected to close in the quarter ending March 31,2017, subject to regulatory approval and the approval of Merchants Bancorp'sshareholders and other closing conditions.

SNLvaluations for bank and thrift targets in the West region between Sept. 28,2015, and Sept. 28, 2016, averaged 142.53% of book, 144.73% of tangible bookand had a median of 20.60x last-12-months earnings, on an aggregate basis.

Sandler O'Neill & Partners LP, represented by AdamKeefer, served as financial adviser to Merchants Bancorp.