AmericanWest Bank in Spokane, Wash., has agreed to buy the $468 million-asset Bank of Sacramento in California for $60 million in cash.
The deal, announced Wednesday, would be AmericanWest's fourth whole-bank acquisition in California and eighth overall since 2011. It would give the $4 billion-asset AmericanWest an additional four branches in greater Sacramento, an area where it has been looking to expand.
AmericanWest operates 94 branches in Washington, Oregon, Idaho, Utah and California, including several in the greater Sacramento area.
"It is exciting to bring together two like-minded banks with an eye toward continued growth in Sacramento and throughout the West," Scott A. Kisting, the bank's chairman and chief executive, said in a news release Wednesday.
Sandler O'Neill & Partners advised Greater Sacramento Bancorp, Bank of Sacramento's parent company, in the deal, while King, Holmes, Paterno & Berliner served as legal counsel. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to AmericanWest.
The sale is expected to close in the first half of next year.