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AmericanWest in Spokane, Wash., announced Thursday it plans to acquire the $221 million-asset Inland Community Bank for $23.7 million, or 95% of its book value. It is AmericanWest's third acquisition in California in a year.
July 19 -
PremierWest Bancorp (PRWT) of Medford, Ore., will lay off staff in support areas and not fill vacant positions as it continues to implement cost-cutting measures.
April 9 -
AmericanWest Bank in Spokane, Wash., is deepening its presence in California with plans to acquire Security Business Bank of San Diego.
March 27 -
Pacific Crest FCU announced on Monday that it is acquiring two northern California branches from ailing PremierWest Bancorp.
March 19
AmericanWest Bank has struck its third deal this year with an agreement to buy the struggling PremierWest Bancorp (PRWT). The price tag is $16.6 million in cash.
The seller, based in Medford, Ore., has 32 branches and assets of $1.2 billion. It would give AmericanWest entree into Northern California and Oregon.
PremierWest decided to sell after “it became evident to the board of directors and our bank management that without a sizable infusion of additional capital, the bank would not be able to exit all problem credit relationships, satisfy our commitment to the [Troubled Asset Relief] program, and adhere to recently enacted regulatory requirements,” Jim Ford, president and chief executive of PremierWest, said in a news release.
“After studying many options we decided to merge with AmericanWest Bank as the best course of action for our employees, shareholders and communities,” Ford said.
American West has $2.4 billion of assets and 75 branches in Washington, Southern California, Idaho and Utah. Its headquarters is in Spokane, Wash.
It has done six deals since July 2011. In July, it
Problem loans have dragged on PremierWest’s earnings in the last several years. Earlier this year the company
Under the agreement, PremierWest shareholders would receive a cash consideration of $1.65 per common share, or roughly $16.6 million, the companies said Tuesday.
PremierWest had received $41 million from Tarp in February 2009. Treasury has “indicated its willingness” to allow AmericanWest to repay what PremierWest owes to Tarp, the companies said.
The deal is expected to close in the first half of 2013.
D.A. Davidson was the financial advisor for PremierWest. Lane Powell served as legal counsel to PremierWest, and Skadden, Arps, Slate, Meagher & Flom served as legal counsel to AmericanWest.
