Mail Tribune Business - Western Bank plans to sell trust group to South Valley

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Western Bank plans to sell trust group to South Valley Western Bank is selling its Southern Oregon trust group to Klamath Falls-based South Valley Bank & Trust, the company announced Wednesday. The trust group does investment and money management and employs 10 workers in Western Bank's Medford branches and three in Coos Bay. As part of the agreement, all 13 employees will be offered positions at South Valley. Regulators must approve the sale, which is expected to close in early April. "This will allow Western Bank to focus on its core business of serving the primary banking needs of small- to mid-size businesses," Western Bank President Sally Jewell said of the sale. Western Bank is the commercial banking division of Seattle-based Washington Mutual Bank. The company will continue to serve business customers through its Western Bank branches in Medford and individual customers through its Washington Mutual branches. South Valley Bank & Trust has two branches in Klamath Falls and one each in Lakeview, La Pine and Gilchrist. The company plans to open offices in Medford and Coos Bay. Today's Business Index Mail Tribune Copyright � The Mail Tribune 1999, Medford, Oregon USA