Idaho-based Home Federal Bank has agreed to be acquired by Banner Corp., parent company of Banner Bank, of Walla Walla, Wash., and Islanders Bank, in Friday Harbor, Wash., according to a news release issued Tuesday.
The announced merger would give Banner Corp. $5.2 billion in total assets, making it the fourth largest bank headquartered in the Pacific Northwest, according to the news release.
The sides expect the deal to close in the first quarter of 2014.
Home Federal significantly expanded its Central Oregon footprint following regional bank failures. It acquired Prineville-based Community First Bank in 2009. Less than a year later, the company bought LibertyBank, based in Eugene but founded in Bend.