First Sound Bank in Seattle has agreed to buy Eastside Commercial Bank in Bellevue, Wash.
The $96.5 million-asset First Sound did not disclose the price it will pay for the $36 million-asset Eastside. The deal, expected to close in the first quarter, should be accretive to First Sound's earnings in the first year.
"Our focus during the past few years has been to strengthen First Sound Bank's capital and credit quality following the economic downturn, and we have emerged as a well-capitalized institution with a high-quality loan portfolio," Patrick Fahey, First Sound's chairman and chief executive, said in a press release Friday. "This transaction will add to our business activity in East King County and accelerate our growth in earning assets."
