Multiple mergers; West Coast banks extend deal deadline

First Western Bank & Trust in Minot, North Dakota, bought State Bank of Lismore in Minnesota. The $2.2 billion-asset First Western acquired the $65 million-asset State Bank on Nov. 30. The price wasn’t disclosed.

LCNB in Lebanon, Ohio, has agreed to buy Eagle Financial Bancorp in Cincinnati. The $2.4 billion-asset LCNB will pay $23.1 million in cash and stock for the $176 million-asset Eagle. The deal is expected to close in the second quarter.

WaFd in Seattle and Luther Burbank in Santa Rosa, California, have extended the deadline to complete a merger they announced a year ago. The $22.5 billion-asset WaFd agreed in November 2022 to buy the $8.1 billion-asset Luther Burbank for $654 million. The deal has yet to be approved by the Federal Reserve and the FDIC. The expiration date was extended from Nov. 30 to Feb. 29.

M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.

 

 

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