Tacoma’s Columbia Banking System confirms closure of Intermountain acquisition deal

Tacoma-based Columbia State Bank has announced the closure of its acquisition of Intermountain Community Bank.

The deal, previously announced, will bring Columbia’s total assets to approximately $8.5 billion, and with an increase of Intermountain’s 19 branches will bring the total number of Columbia’s branches to more than 150.

The merger marks Columbia’s first entry into the Idaho market and also adds to the bank’s presence in Spokane and Ontario, Oregon, according to a Columbia release Tuesday.

In a related announcement, Columbia Board Chairman William Weyerhaeuser confirmed the addition of Ford Elsaesser to the Columbia board of directors.

Elsaesser is a senior partner with Elsaesser Jarzabek Anderson Elliott & McDonald, a Sandpoint, Idaho, law firm.