Columbia State Bank will acquire approximately $173m in assets and $163m in deposits from First Heritage Bank, located in five branches in Washington State: Snohomish, Everett, Monroe, Arlington and Woodinville.
Approximately $142m of First Heritage Bank’s total assets will be subject to a loss-sharing agreement with the FDIC.
Columbia Banking System president and CEO Melanie Dressel said branches will open under new ownership; however, customers will be able to bank as usual during regular business hours, and their deposits are safe, available and remain FDIC insured.
