BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced that they have entered into a definitive agreement to acquire the Pasco-based Bank Reale. The combined banking operation will have about 120 employees with total assets of nearly $350 million.
According to Business Wire, the transaction is expected to close during first quarter 2015, following approval by Bank Reale shareholders and final regulatory approval.
Bank of Eastern Oregon was founded in 1945 and has since opened 12 branches in Eastern Oregon, including branches in Irrigon, Boardman and Heppner.
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