Timberland Bancorp to acquire South Sound Bank
Timberland Bancorp signed an agreement and plan of merger pursuant to which South Sound Bank will merge with and into Timberland's subsidiary, Timberland Bank. South Sound Bank shareholders will receive 904,918 shares of Timberland common stock and $6.9M in cash. The proposed transaction is expected to be accretive to Timberland's earnings within the first year following the close and will be immediately accretive to tangible book value per share at close. South Sound Bank is a Washington-state chartered bank with approximately $186.9M in assets as of March 31, headquartered in Olympia, Washington. The companies expect to close the transaction during Q4, subject to approval by South Sound Bank shareholders, the receipt of all required regulatory approvals, and customary closing conditions.