Helena, Mont.-based Eagle Bancorp Montana Inc., parent company of American Federal Savings Bank, has received regulatory approval to purchase seven bank branches from Sterling Financial Corp., Spokane-based parent of Sterling Bank.
The bank holding companies had announced the purchase agreement, pending regulatory approval from the Office of the Comptroller of the Currency, in July. The transaction is expected to be completed Nov. 30.
Under the terms, Eagle will pay about $7.3 million to acquire about $187 million in deposits. Also, the Montana company will receive about $44 million in performing loans.
Once the transaction is completed, Eagle will have a total of 13 branches, all in Montana, with total assets of about $500 million and total deposits exceeding $400 million.
Not including the Montana branches, Sterling has a just over 180 branches in Washington, Idaho, Oregon, and California, including seven in the Spokane area.