| Mariner Bank President/CEO Jim Grabicki, recently announced approval for its merger into Olympic Bancorp, Inc., parent company of Kitsap Bank. The $16.2 million transaction, approved by regulators and previously authorized by both banks’ directors, has now received final shareholder approval.
“The overwhelming support by our shareholders confirms that this is the right fit and the right time,” said Grabicki, “Kitsap Bank brings the advantages of size and financial strength that will allow for even greater offerings to our customers, delivered by a sound, highly-respected institution that has served its communities for nearly a century.”
Under the terms of the agreement, Mariner Bank shareholders will receive $32.09 per share in cash. Grabicki will continue in a consulting role, and will join the Olympic Bancorp Board of Directors. Kitsap Bank’s assets, currently at over $685 million, are expected to exceed $735 million when the merger is finalized. At the conclusion of the transaction, deposits will total approximately $620 million, and loans will amount to over $580 million. |
