TACOMA, Wash. Columbia Banking System Inc., owner of Bank of Astoria, has announced its wholly owned subsidiary, Columbia Bank, has acquired all of the deposits and certain assets of Colfax-based Bank of Whitman from the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver of the institution.

The FDIC entered into a modified whole bank purchase and assumption agreement without loss share with Columbia Bank under which eight branches, located in Clarkston, Colfax, Othello, Pullman, Ritzville, Spokane (downtown and Wandermere) and Walla Walla reopened Monday morning as Columbia Bank branches. As part of the transaction, the remaining 12 branches will not reopen. 

Columbia Banking System will acquire approximately $315 million in total assets and $516 million in deposits.