Banner Corp. to buy Oregon Business Bank

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Banner Corp. (NasdaqNM:BANR) signed a definitive agreement to acquire Lake Oswego, Ore.-based Oregon Business Bank for about $10 million cash.

While the transaction has already been approved by each company's directors, it will still require approval from regulators and Oregon Business shareholders.

The parent of commercial bank Banner Bank expects to complete the transaction by the end of the fourth quarter.

Banner Corp. is a holding company with 38 branch offices and six loan offices in Washington, Oregon and Idaho.

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