Newport-based Oregon Coast Bank is expanding to the Southwest Washington coast by acquiring Connect Community Bank..The deal is expected to close in the second quarter of this year and add $70 million in assets to the balance sheet of Oregon Coast Bank, including $60 million in loans. As of late January, Oregon Coast Bank had nearly $450 million in assets, $409 million in deposits and $272 million in net loans and leases. Based in Raymond, Wash., Connect Community Bank had $76 million in assets, $64 million in assets and $59 million in net loans and leases along with three branches. Oregon Coast Bank CEO Lance Nunn said the deal “reinforces our long-term independence and strengthens our ability to support the coastal people, businesses and communities we were founded to serve.”
