EUGENE, Ore.–(PRNewswire)–Pacific Continental Corporation (Nasdaq: PCBK), the holding company of Pacific Continental Bank, today announced the completion of the acquisition of Bellevue, Washington-based Foundation Bancorp, Inc. and its wholly-owned subsidiary, Foundation Bank. Following this acquisition, Pacific Continental Bank has total assets of approximately $2.4 billion, total loans outstanding of approximately $1.7 billion and total deposits of approximately $2.0 billion.
The company also affirmed that shareholders of Foundation Bancorp, Inc. approved the merger transaction on August 30, 2016 and that Foundation Bancorp, Inc. Vice Chairman and Interim Chief Executive Officer Duane C. Woods and Thomas Ellison have been appointed to the board of directors of Pacific Continental Corporation and Pacific Continental Bank.
“The closing of this acquisition signals a new era in community banking for our clients, employees and the communities we serve,” said Roger Busse, president and chief executive officer for Pacific Continental Bank. “It also underscores the tremendous amount of work and dedication by the employees of Foundation Bank and Pacific Continental Bank to complete this important transaction.”