U.S. Bancorp announced Monday that First Hawaiian Inc. has agreed to buy 30 branches that Portland-based U.S. Bancorp plans to divest as part of its merger with West One Bancorp of Idaho.
First Hawaiian, parent of First Hawaiian Bank, will pay a deposit premium of 5.25 percent on about $720 million in deposits at the branches, and will acquire about $457 million in loans and other assets.
“This is a fair price for a unique opportunity in a very fast-growing part of the country,” said Walter A. Dods Jr., First Hawaiian chairman.
U.S. Bancorp agreed to divest the branches on Oct. 6 to satisfy antitrust concerns pending regulatory approval of its merger with West One.
First Hawaiian will acquire 25 branches in Oregon and one in Weiser, Idaho. In Washington, the transaction involves branches in Yakima and Ellensburg and two in Pasco.
Subscribe to the Morning Review newsletter
Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter