HEPPNER – Heppner-based BEO Bancorp and its subsidiary, Bank of Eastern Oregon, have entered into an agreement to acquire Bank Reale, based in Pasco, Wash.

The combined banking operation will have about 120 employees with total assets of nearly $350 million.

Jeff Bailey, president and CEO for Bank of Eastern Oregon, said the two banks share common philosophy, and he looks forward to expanding his bank’s footprint and bringing the Bank Reale staff into “our banking family.”

“Our goal is to expand upon and execute the original vision of Bank Reale’s founders: To provide unequaled customer service and serve the banking needs of the local Pasco community as well as the outlying rural areas of the Columbia Basin,” he said.

Bank of Eastern Oregon has 12 branches and five loan production offices located in 11 eastern Oregon counties. The bank was founded by farmers and ranchers and views agricultural lending as key to its historical, as well as future, success.

Fred Zack, interim president and CFO for Bank Reale, called the consolidation of Bank Reale into Bank of Eastern Oregon a natural fit for both banks.