AmericanWest Bank in Spokane, Wash., has agreed to buy eight southern California branches from First PacTrust Bancorp in Irvine, Calif.
AmericanWest will also buy $477 million in deposits from First PacTrust, paying a 2.3% premium, the companies said Monday. The deal is expected to close in the fourth quarter.
The deal will give the $3.8 billion-asset AmericanWest 20 branches in southern California, along with more than 100 branches in Oregon, Washington, Idaho and Utah. The branches are in three counties: Riverside, Los Angeles and San Diego.
Pacific Trust Bank, First PacTrust's bank, has $1.6 billion in assets and 18 branches, all in southern California, according to the Federal Deposit Insurance Corp. It has seen significant management turnover; its chief credit officer, chief financial officer and co-chief executive have have resigned and been replaced in the past year.
In April, AmericanWest's parent company bought PremierWest Bancorp in Medford, Ore., after raising its offer by $3.5 million, to just over $20 million.
AmericanWest also agreed in a separate transaction to sell a branch in Liberty Lake, Wash., to Banner Corp. (BANR) for an undisclosed price. The branch sale should close in the third quarter.