Lakewood-Based Northwest Commercial Bank Acquired By Heritage Financial Corp.

The parent corporation for Heritage Bank bought Lakewood-based Northwest Commercial Bank over the weekend.

According to RTTN.com, the Olympia corporation bought Northwest Commercial for $3 million. NCB shareholders would also a receive an additional $1.8 million based on an "earn-out" structure. The deal will see NCB merge with Heritage, the website reports.

Brian Vance, CEO of Heitage Financial Corp stated, "We are pleased about the acquisition of Northwest Commercial Bank and our continued growth in Lakewood and Auburn. We believe we can leverage with additional products, capital, and increased lending limits

According to The News Tribune, the acquisition is set to close in the fourth quarter if its meets approval.

We ask you, Patch users, do you think the acquisition will affect what's now known as Northwest Commercial Bank in a positive way? Tell us in the comments below.