Two bank companies signed a merger pact.

The companies, Westside-based Olympic National Bancorp and Valley State Bank of Encino, signed a letter of intent Friday to combine into an organization with more than $220 million in assets and $14.5 million in capital and reserves. The signing of the deal had been delayed, with little explanation, for four days. One change in the agreement from previously disclosed plans calls for Olympic and Valley to contribute five members each to a combined board. The initial plan was for Olympic to contribute a five-member majority to a nine-person board. A definitive merger agreement is scheduled to be signed about Aug. 30.