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Sunwest Bank purchases assets and deposits of Westside Community Bank

US-based Sunwest Bank has acquired all of the deposits and assets of Westside Community Bank from the Federal Deposit Insurance Corporation (FDIC) as receiver.

Further terms of the transaction have not been disclosed.

The Washington State Department of Financial Institutions closed Westside Community Bank on 11 January and appointed the FDIC as receiver.

Following the acquisition, the acquired will become a part of Sunwest Bank, while existing Westside clients will be able to carry out their business as usual.

Sunwest Bank president and CEO Chris Walsh said that the lender is a strong and well-capitalized community bank.

"While other banks are focused elsewhere, Sunwest Bank is still lending to entrepreneurs, attracting depositors, and exploring additional acquisition opportunities," Walsh added.

For the nine-month period ended on 30 September 2012, Sunwest Bank net income was more than $5m and their Tier 1 Risk Based Capital ratio was more than double the amount required by the FDIC.

Headquartered in Irvine, California, Sunwest Bank manages offices in Tustin, Anaheim, Irvine, Laguna Hills, San Clemente and Encinitas, California.