Bank of Eastern Oregon acquires four Umpqua Bank branches

Bank of Eastern Oregon, a subsidiary of BEO Bancorp, announced that they have entered into a definitive agreement to acquire Umpqua Bank branches in Colfax, Dayton, LaCrosse and Pomeroy.

Jeff Bailey, President and CEO for Bank of Eastern Oregon, said the bank’s expansion into Washington began nearly five years ago when they acquired Bank Reale in Pasco.

“We see the addition of these Umpqua branches as a natural progression of expanding our brand of banking to rural communities in eastern Washington,” Bailey said.

The transaction is expected to close during first quarter 2019 following final regulatory approval. The terms of the transaction are not being disclosed.

Based in Heppner, Bank of Eastern Oregon was founded in 1945 as Gilliam County Bank at Arlington. Since that time the bank has expanded to 14 branches and seven loan production offices located in 12 eastern Oregon counties and three eastern Washington counties.

The bank was founded by farmers and ranchers, and views agricultural lending as key to its success.

Upon closing of the transaction, the branches will operate as Bank of Eastern Washington branches of Bank of Eastern Oregon.

Keenan & Partners served as facilitator of this transaction.