Vancouver-based Riverview Community Bank recently announced that it will acquire MBank.
According to a press release, as part of the transaction, Riverview will acquire certain assets of MBank, including approximately $130 million in net loans and will assume certain liabilities, including approximately $128 million of MBank’s customer deposits.
MBank is headquartered in Gresham, Oregon, and includes three branches in Gresham, Portland and Lake Grove.
The purchase is expected to close March 31, 2017.
“This is a natural geographic expansion for Riverview, fitting well into our strategy of increasing market share in Oregon,” said Pat Sheaffer, Riverview chairman and chief executive officer.
All MBank locations will continue to operate as MBank branches until the transaction is complete.
Upon closing, the MBank branches will become part of Riverview Community Bank’s network. Following the transaction, no banking services will be provided by MBank.
The combined bank will have 19 branches and three lending centers in Oregon and Southwest Washington. Riverview will be the largest community bank in the Portland Metro area with more than $1 billion in assets and deposits.
“It’s a wonderful fit, where product offerings are similar and the resources available to our customers are greatly enhanced, including additional branches and a full-service trust and asset management company,” said Jef Baker, president and chief executive officer of MBank. “Riverview and MBank share the same passion for customer service. I want to thank MBank’s customers and employees for their continued loyalty and support.”
Riverview was founded in Camas in 1923.