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Article: PACIFIC NORTHWEST BANCORP ACQUIRING PORTLAND BANK.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- July 23, 2002
- Author:
CopyrightCOPYRIGHT 2002 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: BILL VIRGINP-I reporter
Pacific Northwest Bancorp said yesterday that it plans to acquire Portland-based Bank of the Northwest in a cash and stock deal it valued at $85 million.
The deal, which could be completed before the end of the year, would add five Portland-area branches to the 54 offices Seattle-based Pacific Northwest operates in Western and Central Washington.
In pushing Pacific Northwest to more than $3 billion in assets, the deal also propels the bank toward its goal of recreating the regionally based, medium-sized institution that largely disappeared in the industry's consolidation wave of the last 15 years.
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