Kitsap Bank is being acquired in an all-stock transaction by Olympia-based Heritage Bank, the company announced Thursday, Sept. 25, though plans to continue to operate under the century-old brand name on the Kitsap Peninsula.

The deal is valued at nearly $177 million, according to a news release , which involves Kitsap Bank's holding company, Olympic Bancorp, being acquired by Heritage Financial Corporation, a publicly traded company that owns Heritage Bank. Heritage Bank has 43 branches and one loan office spread across Washington, in addition to a small number of locations in Oregon and Idaho. Olympic Bancorp shareholders will receive 45 shares of Heritage stock for each share of Olympic stock owned, and Olympic shareholders will own approximately 17% of the combined company. Heritage

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