Columbia Banking System, Inc. of Tacoma announced Friday its wholly owned subsidiary, Columbia State Bank, has acquired all of the deposits and substantially all of the assets of First Heritage Bank from the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver of the institution.
Columbia State Bank will acquire approximately $173 million in assets and $163 million in deposits located in five branches in Washington State: Snohomish, Everett, Monroe, Arlington and Woodinville. Approximately $142 million of First Heritage Bank’s total assets will be subject to a loss-sharing agreement with the FDIC. Columbia State Bank participated in a competitive bid process, whereby it agreed to assume substantially all of the assets and all deposits of First Heritage Bank.
“We sincerely welcome former First Heritage Bank customers into our extended Columbia Bank network of 88 branches in Washington and Oregon,” said Melanie Dressel, President and Chief Executive Officer of Columbia Banking System. “We have long desired to become a Pacific Northwest regional community bank. The acquisition of the former First Heritage Bank’s five branches enhances our presence in Snohomish and King Counties and complements our new Skagit County footprint resulting from our acquisition of the former Summit Bank one week ago. These markets are important to the vitality of our state, and we welcome the opportunity to be a part of these communities.”
Headquartered in Tacoma, Columbia State Bank is a Washington state-chartered full-service commercial bank. Prior to the acquisition of First Heritage Bank, Columbia Banking System had 88 banking offices, including 63 branches in Washington State and 25 branches in Oregon. Columbia Bank does business under the Bank of Astoria name in Astoria, Warrenton, Seaside, Cannon Beach, Manzanita and Tillamook in Oregon. More information about Columbia can be found on its Web site at http://www.columbiabank.com .