BEO Bancorp to acquire four area Umpqua branches

Heppner, Ore – With 2018 numbers looking good, Bank of Eastern Oregon continues its expansion into eastern Washington. Banks in Colfax, Dayton, LaCrosse and Pomeroy are slated to open in February.

“We are pleased with the 2018 results. Solid earnings for 2018 and an improved renewal season for our agricultural borrowers are encouraging for the year ahead, but time will tell,” said bank President and CEO Jeff Bailey in a press release.

“It is also important to note that our application with the FDIC to acquire the 4 Umpqua branches (Colfax, Dayton, LaCrosse, and Pomeroy, WA) has been approved and the conversion is set for the first weekend in February. While there will be expenses associated with the acquisition, the prospects for those markets is encouraging. We look forward to having the employees in those branches join our banking family, and welcome our new customers,” he concluded.

Bank of Eastern Oregon opened a loan production office in Dayton last year and the bank plans to continue expansion of its deposit-taking ATMs across its network, according to Chief Operations Officer Gary Propheter.

BEO Bancorp and its subsidiary, Bank of Eastern Oregon, announced consolidated year-end 2018 earning for $3,949,000, an increase of 27.6% over 2017. Chief Financial Officer Mark Lemmon said book value per share is up 9.5 at $29.21 compared to $26.66, last year. Shareholder equity is up 9.0% over last year.