Heritage Financial in Olympia, Washington, has agreed to buy Olympic Bancorp in Port Orchard, Washington. The $7.1 billion-asset Heritage said in a press release that it will pay $176.6 million in stock for the parent of the $1.7 billion-asset Kitsap Bank. The deal is expected to close in the first quarter.
Stearns Bank in St. Cloud, Minnesota, has agreed to buy One American Bank in Centreville, South Dakota. The deal was announced on LinkedIn by Performance Trust Capital Partners, which represented Stears Financial Services. The price wasn’t disclosed.
First Merchants in Muncie, Indiana, has agreed to buy First Savings Financial Group in Jeffersonville, Indiana. The $18.6 billion-asset First Merchants said in a press release that it will pay $241.3 million in stock for the $2.4 billion-asset First Savings. The deal, which is expected to close in the first quarter, priced First Savings at 135% of its tangible book value.
Mid Penn Bancorp in Harrisburg, Pennsylvania, has agreed to buy 1st Colonial Bancorp in Mount Laurel, New Jersey. The $6.4 billion-asset Mid Penn said in a press release that it will pay $101 million in cash and stock for the $877 million-asset 1st Colonial. The deal, which is expected to close in the first or second quarter, priced 1st Colonial at 116% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
