Washington-based Heritage Financial has agreed to acquire local lender Puget Sound Bancorp in an all-stock deal worth around $126.1m.
The combined group will manage nearly $4.6bn in total assets, over $3.1bn in total loans and around $3.8bn in total deposits.
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As per the agreed terms of the merger deal, shareholders of Puget Sound will be entitled to receive 1.320 shares of Heritage common stock for each share held.
The deal already received the nod from the companies’ boards of directors and is expected to be completed in the first quarter of 2018, subject to shareholder and regulatory approvals.
Puget Sound shareholders will hold a stake of around 13.4% in the merged entity post deal completion.
Heritage Financial president and CEO said: “This acquisition adds to our momentum in the Seattle-Bellevue marketplace. Further, we welcome the employees and customers of Puget Sound into Heritage, and we look forward to our combined success going forward.”
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