bankcda expanding to Kellogg
Coeur d'Alene Press | UPDATED 12 years, 6 months AGO
AmericanWest Bank and bankcda have entered into a definitive agreement for bankcda to acquire the Kellogg branch of AmericanWest Bank. The transaction will expand bankcda's operations to three branches in North Idaho.
"We are very excited about expanding our natural footprint with this branch acquisition," said Wes Veach, bankcda president and CEO. "This is a unique opportunity for a bank of our size to do an acquisition and broaden our customer and geographic base."
Under the terms of the agreement, bankcda will acquire approximately $25 million of deposits, paying a deposit premium of 1.5 percent on core in-market deposits assumed. Additionally, approximately $3 million of performing loans will be acquired, along with the branch property and building.
"bankcda is gaining an outstanding group of employees and customers," said Scott Kisting, chairman and CEO of American West Bank. "Today's banking environment requires a greater level of strategic discipline to not only compete but to be an exceptional company - for your employees, customers and the communities you serve. This difficult decision was the right thing because it more closely aligns our business banking strategy with our resources, while for bankcda adding a branch in the Silver Valley is a natural fit with their strategy."
The transaction, which is subject to regulatory approval and other customary conditions of closing, is expected to be completed in the third quarter. Upon completion of the acquisition, the branch will become a bankcda location.
Graham & Dunn, PC, Seattle, served as the legal adviser to bankcda. Davis Wright Tremaine was AmericanWest Bank's legal adviser and Keefe, Bruyette & Woods along with Sandler O'Neill & Partners, L.P. served as financial advisers to AmericanWest Bank.
Currently bankcda has total assets of approximately $71 million with two branches, one in Coeur d'Alene and the other in Hayden.
Founded in 1974 and based in Spokane, AmericanWest Bank is a business-focused community bank offering commercial and small business banking, mortgage lending, treasury management products as well as a full line of consumer products and services. The bank has $3.8 billion in assets and locations in Idaho, Washington, Oregon, California and Utah.
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