Siuslaw: Siuslaw Valley Bank sold for $57.5M as Washington lender expands footprint

Banner Corp. said it's buying Florence, Oregon-based Siuslaw Financial Group Inc. in a deal worth about $57.5 million. Walla Walla-based Banner (NASDAQ: BANR) said Siuslaw Bank will be merged into Banner Bank, which will now have about $5.1 billion in assets and will be the fourth largest commercial bank headquartered in the Pacific Northwest, as ranked by assets. Banner said it used 90 percent stock and 10 percent cash to buy Siuslaw. Siuslaw operates nine branches in the central Oregon Coast…