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Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

On October 23, 2013, the Company and Heritage Financial Corporation (“Heritage”) jointly announced the signing of a definitive agreement under which the Company and Heritage will enter into a strategic merger to create one of the premier community banking franchises in Western Washington and the Pacific Northwest. Under the terms of the merger agreement, the Company's shareholders will receive 0.89000 shares of Heritage common stock and $2.75 in cash for each share of the Company's common stock. Based on the closing price of Heritage common stock of $15.89 on October 23, 2013, the consideration value per share for the Company was $16.89, or approximately $265.1 million in aggregate. Upon consummation, the shareholders of the Company will own approximately 46% of the combined company and the shareholders of Heritage will own approximately 54%.
 
The definitive agreement has been unanimously approved by the boards of directors of the Company and Heritage. The merger is subject to regulatory approvals, approval by Company and Heritage shareholders, and certain other customary closing conditions and is expected to close in the first half of 2014. The transaction is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes and Company shareholders are not expected to recognize any taxable gain or loss in connection with the share exchange to the extent of the stock consideration received. A summary of the terms of the definitive agreement with Heritage and other related agreements are summarized in, and the Merger Agreement has been filed as an exhibit to, the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 25, 2013.

On October 23, 2013, the Company announced that its Board of Directors declared a cash dividend of $0.145 per common share to shareholders of record as of November 4, 2013, payable on November 19, 2013.