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Columbia Banking System picks up Idaho’s Intermountain

Columbia Banking System, based in Tacoma, has acquired Sandpoint-based Intermountain Community Bancorp, the third-largest community bank headquartered in Idaho.

The two companies announced Thursday they signed an agreement to merge in a stock-and-cash deal worth about $121.5 million, or about $18.22 per share, at Columbia’s current stock price. .

A release said the merged bank will have approximately $8.2 billion in assets with over 150 branches throughout Washington, Oregon and Idaho.

The merger is expected to close in the fourth quarter of 2014, if it receives regulatory approval and stockholders vote in favor of it.

The sale allows Columbia to get its first foothold in Idaho, as it acquires Intermountain’s 19 state branches.

Columbia has more than 130 branches in Washington and Oregon, most concentrated near Seattle and Portland. It has one branch in Spokane.

Intermountain has four divisions; it operates as Panhandle State Bank, Intermountain Community Bank, Intermountain Community Bank Washington and Magic Valley Bank, with branches throughout Idaho, in Spokane and Spokane Valley, and in Ontario, Oregon.

Curt Hecker, CEO of Intermountain, will continue in the company focusing on the bank’s expansion in Idaho, a release noted.