The combination creates a nearly $300 million asset commercial bank
serving Portland Metro and the Oregon Coast
OREGON CITY, Ore.–(BUSINESS WIRE)–Lewis
& Clark Bank (OTC Pink: LWCL) (“Lewis & Clark”) and Clatsop
Community Bank (“Clatsop”) announce the successful completion of their
merger. The combined bank, named Lewis & Clark Bank and headquartered
in Oregon City, has assets of approximately $300 million and branch
locations in Oregon City, Oregon; Seaside, Oregon; and Astoria, Oregon.
Jeffrey Sumpter, President & Chief Executive Officer of Lewis & Clark
Bank, said, “The completion of our merger with Clatsop Community Bank
expands our geographic footprint while strengthening our ability to
serve our clients.”
Lewis & Clark Bank will continue to trade under the ticker symbol “LWCL”
on the OTC exchange (OTC Pink).
Under the terms of the merger agreement, which was entered into
on January 31, 2019, Clatsop Community Bank shareholders receive 0.3040
Lewis & Clark Bank shares and $2.89 in cash in exchange for each share
of Clatsop stock.
“We are very excited to have successfully completed the merger of two
strong organizations,” said Joe Schulte, Market President. “The combined
team of talented employees is enthusiastically collaborating to build on
our history of service to our customers and communities.”
Forward-Looking Statement
Certain statements in this release may be deemed to be “forward-looking
statements.” Statements that are not historical facts, including
statements about our beliefs and expectations, are forward-looking
statements. These statements are based on current plans, estimates and
projections, and therefore you should not place undue reliance on them.
Forward-looking statements speak only as of the date they are made, and
we undertake no obligation to update publicly any of them in light of
new information or future events. Forward-looking statements involve
inherent risks and uncertainties. We caution you that a number of
important factors could cause actual results to differ materially from
those contained in any forward-looking statement.
Contacts
Jeffrey Sumpter, 503-212-3107
