AmericanWest Bank’s holding company has completed the acquisition and merger of PremierWest Bancorp (PRWT) and its banking subsidiary respectively, to tap the business opportunities present in the Pacific Northwest and California region.
Initially inked in October 2012, the agreement received shareholders’ approval on 28 March, while regulatory approvals were granted earlier.
AmericanWest Bank’s assets summed up to $3.8bn and its footprint expanded to 112 branches after the transaction. Customers’ can continue to avail services using their existing debit cards, cheques, online banking and branch locations.
PremierWest Bancorp shareholders will receive a cash consideration of $1.65 per common share, or nearly $16.6m in aggregate on completion of transaction, as per the terms of the merger deal.
Lane Powell served as a legal counsel, while DA Davidson & Co acted as financial advisor and issued a fairness opinion to PremierWest Bancorp’s board of directors, pertaining to the transaction.
The bank also named 23 years of banking expert Mike Koch as the new president of its Oregon and Northern California region.
Set up in 1974 and based in Spokane, Washington, AmericanWest Bank is a business-focused community bank providing commercial and small business banking, mortgage lending, treasury management products as well as a complete line of consumer products and services.