Riverview Bancorp Inc. of Vancouver, Wash., would enter Oregon under a new agreement to buy the $123 million-asset American Pacific Bank in Portland for $34.4 million.
The $525 million-asset River-view announced Tuesday that it would pay American's shareholders $17.6 million in cash and 788,593 shares of Riverview stock.
The deal is expected to close in the first or second quarter.
American has two branches in the Portland area and one near Salem. Riverview Community Bank has 13 branches, all in southwest Washington. It said it is buying American as part of its strategy to reduce its reliance on residential lending and boost commercial real estate lending.
Riverview had $142 million of commercial real estate loans on its books at midyear, nearly twice as much as a year earlier. In the 12 months through June it reduced the single-family-mortgage share of its loan portfolio to 19.1%, from nearly 28%.
