Klamath First Adds 13 Branches, Vows to Boost Commercial Lending

KLAMATH FALLS, OR-Klamath First Bancorp Inc. this week closed on the acquisition of 12 Western Bank branches and one Washington Mutual Bank financial center, all located in Oregon, from Washington Mutual Bank. The transaction included approximately $423 million in deposits, loans of approximately $186 million, the branch buildings and fixed assets, and 136 commercial bank branch employees.

Company president Kermit Houser says the publicly traded bank holding company is not only adding branches, but also boosting commercial lending abilities significantly. “These new branches support our previously announced strategic goals of becoming a stronger commercial bank, giving us a loan portfolio that includes 65% commercial, commercial real estate and industrial loans,” says Houser. “I also am very happy with our ability to close an acquisition of this size in such a short period of time. With the quick regulatory approval we received at the beginning of August and the diligence of employees on both sides of the transaction, we closed the deal in just over 90 days.”