Pacific Continental in Eugene, Ore., has agreed to buy Foundation Bancorp in Bellevue, Wash.
The $2 billion-asset Pacific Continental said in a press release Tuesday that it will pay $67.1 million in cash and common stock for the $422 million-asset Foundation. The deal is expected to close in the third quarter.
The acquisition "should provide us with meaningful operational scale and momentum in the Seattle market,” Roger Busse, Pacific Continental’s chief executive, said in the release. "The Seattle metropolitan area is an important market for us with attractive economic and demographic trends."
Pacific Continental said it expects the transaction will be immediately accretive to earnings per share, excluding merger-related expenses.
D.A. Davidson and Pillsbury Winthrop Shaw Pittman advised Pacific Continental. Keefe Bruyette & Woods and Sidley Austin advised Foundation.
