OneCalifornia Bank buys ShoreBank Pacific
By Portland Business Journal
ShoreBank Pacific will be acquired by OneCalifornia Bank.
ShoreBank, a community bank based in Ilwaco, Wash., employs 17 people and has about $80 million in assets. Its largest office is in downtown Portland.
OneCalifornia and ShoreBank announced the stock purchase agreement Saturday evening. Terms of the transaction were not disclosed.
The purchase, which is subject to regulatory and shareholder approval, will result in a combined institution with about $300 million in assets.
ShoreBank Pacific, founded in 1997, specializes in sustainable lending. Both ShoreBank and OneCalifornia Bank, founded in 2007, are certified community development financial institutions. Both receive money from the U.S. Treasury for targeted community development initiatives. Both focus on underserved markets.
The Federal Deposit Insurance Corp. seized ShoreBank Pacific's Chicago-based parent, ShoreBank, on Friday, but Ilwaco’s ShoreBank was not included in the closure.
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