The $1.3 billion Maps Credit Union in Salem, Ore., said it plans to acquire the $342 million Lewis & Clark Bank in Oregon City next year for an estimated price of more than $30 million.
Established in 2006, Lewis & Clark Bank is a state-chartered commercial financial institution that operates under the holding company Lewis & Clark Bancorp (OTCPK: LWCL). The bank offers a range of financial services, including commercial real estate loans, small business loans, personal banking and treasury management that focuses on personalized, community-based banking.
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LWCL was trading at $30 per share when the proposed acquisition was announced Monday. By Thursday, the stock had risen to $35 per share.
According to MarketWatch, the bank has 1,070,000 shares outstanding, placing its estimated valuation between $32 million and $37 million.
The credit union and the bank did not disclose the acquisition’s financial terms.
The bank’s 48 employees operate three branches in Oregon City, Astoria and Seaside, Ore.
In 2024, Lewis & Clark Bank managed $149 million in loans, $238 million in deposits and $36.9 million in capital, according to its FDIC financial filings. The bank posted a net income of $417,000 last year, a recovery from a net loss of $1.9 million in 2023.
Since 2020, the bank’s loans have declined from $253 million to $190 million in 2021, $169 million in 2022 and $154 million in 2023, according to FDIC financial filings. Although deposits grew in 2020 from $296 million to $398 million in 2021, deposits fell to $303 million in 2022 and $269 million in 2023.
In 2019, Lewis & Clark acquired Clatsop Community Bank.
“This partnership with Lewis & Clark is a proactive step taken by two financially sound institutions with similar philosophies and core values to capitalize on our strengths together,” Maps President/CEO Mark Zook said in a prepared statement.
In a letter dated April 14 to bank customers, Lewis & Clark President/CEO Jeffrey D. Sumpter noted Maps plans to retain nearly every bank employee.
“This ensures you will continue to work with the same dedicated professionals you already know and trust — whether you’re in the Portland metropolitan area, in Seaside, or in Astoria,” Sumpter said in a prepared statement. “Further, we are excited about our shared vision for the future, including additional locations and expanded capabilities to support both commercial clients and individual customers.”
Once the transaction is completed, the combined organization's assets are expected to exceed $1.7 billion, with 13 full-service branches.
The deal is subject to approval by shareholders and state and federal regulators.
This marked Maps' first proposed bank acquisition and the fourth publicly announced credit union-bank deal in the industry this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
