AbbyBank, Abbotsford, and State Bank, Gresham, have entered into a Purchase of Assets and Assumption of Liabilities Agreement that will result in AbbyBank acquiring substantially all of the assets and assuming substantially all of the liabilities of State Bank.

The transaction will increase AbbyBank’s total assets approximately $28 million, to approximately $533 million. Following the transaction, each of State Bank’s branch locations, one in Gresham and the other in Shawano, will be operated as branches of AbbyBank.

Closing of the transaction is subject to the receipt of all required regulatory approvals.