Oregon Coast Bank to buy Connect Community in Washington
Oregon Coast Bank in Newport has agreed to buy Connect Community Bank in Raymond, Wash.
The $449.6 million-asset Oregon Coast said in a press release that it plans to buy the $76.7 million-asset Connect in the second quarter. The price wasn’t disclosed.
“Our mission has always been to provide common sense, relationship-driven banking focused on the unique needs of our coastal communities,” Oregon Coast Bank CEO Lance Nunn said in the release. The acquisition “is a strategic step that reinforces our long-term independence and strengthens our ability to support the coastal people, businesses, and communities we were founded to serve.”
“As we considered the future of Connect … our priority was finding a partner that not only shared our values, culture, and deep commitment to Pacific County but also would provide expanded commercial offerings to the community,” Nichoel Casey, Connect’s CEO, added. Oregon Coast’s “community focused approach and its track record of supporting coastal economies make it the right fit for our customers, employees, and the legacy we’ve built over more than a century.”