Washington Business Bank in Olympia, Wash., has agreed to sell itself to Stripe co-founder Darragh Buckley.
The $106 million-asset bank said in a press release that an unnamed investor planned to buy all of its outstanding stock for $30 a share in cash. The transaction is expected to close in the second half of this year.
An offer to purchase document disclosed the Buckley is the investor.
Washington Business Bank said it would keep its name and that Jon Jones would remain president and CEO. All members of the bank’s senior management team would remain in place.
The board “is very excited to enter into this agreement,” Jones said in the release. “This transaction provides an outstanding value to our shareholders while allowing the bank to continue serving our loyal client base in Olympia and the surrounding area.”
Washington Business Bank was advised by D.A. Davidson and Lane Powell. Miller Nash advised the investor.