The bank mergers continue as AmericanWest Bank of Spokane has announced an agreement with PremierWest Bank of Medford, Ore.
Pending approval by regulators and shareholders, the combined bank will allow AmericanWest to expand into Oregon. AmericanWest has recently reported assets of $2.4 billion, and PremierWest $1.2 billion. PremierWest operates 32 locations in Western Oregon and Northern California while AmericanWest operates 75 branches in Washington, Califonia, Idaho and Utah.
AmericanWest earlier this year acquired Inland Community Bank and Security Business Bank, both based in Southern California.
In the PremierWest transaction, shareholders will receive cash at $1.65 per share upon closing, or an aggregate $16.6 million.
Both banks expect the deal to close during the first half of 2013, according to an AmericanWest release.