Bank of Eastern Oregon Plans to Acquire Bank Reale
October 03 2014 - 10:19AM
Business Wire
BEO Bancorp (OTCBB:BEOB) and its subsidiary, Bank of Eastern
Oregon, announced today that they have entered into a definitive
agreement to acquire Bank Reale (OTCBB:BKRL). The combined banking
operation will have about 120 employees with total assets of nearly
$350 million.
Jeff Bailey, President and CEO for Bank of Eastern Oregon,
referred to the common philosophies shared by BEO and Bank Reale:
“Our goal is to expand upon and execute the original vision of Bank
Reale’s founders: To provide unequaled customer service and serve
the banking needs of the local Pasco community as well as the
outlying rural areas of the Columbia Basin. Bank of Eastern Oregon
has served rural eastern Oregon for nearly 70 years and we are
excited to expand our footprint and bring our style of banking to
the region. Bank Reale has a talented group of employees that we
look forward to bringing into our banking family.”
Bank of Eastern Oregon, based in Heppner, Oregon, was founded in
1945 as Gilliam County Bank in Arlington, Oregon. Since that time,
the bank has expanded to 12 branches and five loan production
offices located in 11 eastern Oregon counties. The bank was founded
by farmers and ranchers and views agricultural lending as key to
its historical, as well as future, success.
Fred Zack, Interim President and CFO for Bank Reale, said, “Both
institutions have similar cultures and philosophies when it comes
to customer service and to the employees who make great customer
service happen. The consolidation of Bank Reale into Bank of
Eastern Oregon is a natural fit for both in other ways as well. We
will now have access to their financial resources and added
services for our existing and future customers, and they now have a
platform for long-term growth in the Tri-Cities and the Columbia
Basin in harmony with their core belief in supporting the
communities and customers they serve.”
“The banking world has seen significant changes over the past
five years in terms of consolidation and economies of scale. The
acquisition of Bank Reale provides Bank of Eastern Oregon an
excellent access to Pasco and rural southeastern Washington,” said
Bailey.
The transaction is expected to close during first quarter 2015,
following approval by Bank Reale shareholders and final regulatory
approval. The terms of the transaction are not being disclosed but
involve a combination of cash and stock. Upon closing of the
acquisition, the Pasco facility will operate as a branch of Bank of
Eastern Oregon, doing business as Bank of Eastern Washington.
Commerce Street Capital, L.L.C., and LC Financial Advisors, L.L.C.,
served as financial advisors to Bank of Eastern Oregon. McAdams
Wright Ragen, Inc. served as financial advisor to Bank Reale.
About BEO Bancorp
BEO Bancorp is the holding company for Bank of Eastern Oregon,
which operates 12 branches and five loan production offices in 11
eastern Oregon counties. Branches are located in Arlington, Ione,
Heppner, Condon, Irrigon, Boardman, Burns, John Day, Prairie City,
Fossil, Moro, and Enterprise; loan production offices are located
in Hermiston, Ontario, Island City, Pendleton, and Lakeview. Bank
of Eastern Oregon also operates a mortgage division. The bank’s
website is www.beobank.com.
Bank of Eastern OregonJeff Bailey, 541-676-0201President &
CEOorBank RealeFred Zack, 509-545-6360Interim President and CFO
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