Sound Community Bank has completed the purchase of three branches in Sequim, Port Angeles and Port Ludlow from Columbia Bank.
The previously announced deal extends Sound's network into Jefferson County for the first time, and expands the area it was already serving in Clallum County.
The sale and purchase moved approximately $22.2 million of deposits and $1 million of loans out of Columbia Bank’s portfolio, for which Sound paid a total deposit premium of 2.35 percent.
"We are delighted to welcome the clients and employees of Columbia Bank,” said Laurie Stewart, president and CEO of Sound. “The acquisition of these Columbia Bank branches helps us expand our market share and our community impact on the Peninsula.”
The Seattle-based Sound Community Bank operates banking offices in Pierce, King, Snohomish, Jefferson and Clallum Counties.
All signage removed and new Sound Community Bank Signage installed over the weekend at three new locations.