South Valley Bank for Sale?

Washington Federal Inc. has announced plans to buy a Southern Oregon based bank chain.

South Valley Bancorp, based in Klamath Falls, may soon be a part of Washington Federal– making it Oregon’s seventh-largest bank by deposits.

Under the proposal, Washington Federal will give South Valley shareholders $33.7 million worth of its stock.

Those regulators and shareholders have not yet approved the deal.

However, Washington Federal expects it to close during the third quarter.

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