AmericanWest Bank in Spokane, Wash., has agreed to sell five Pacific Northwest branches in separate transactions.
The $3.8 billion-asset company plans to sell an Oregon branch, along with the deposits of two other branches, to Cascade Bancorp (CACB) in Bend, Ore. AmericanWest will also sell two Washington branches to HomeStreet (HMST) in Seattle, along with $36.5 million in deposits and $2.2 million in loans. Terms of the sales were not disclosed.
The $1.3 billion-asset Cascade Bancorp will buy AmericanWest's branch in Klamath Falls, Ore., and will transfer the customer relationships, deposits and certain loans of branches in Bend and Richmond, Ore., to nearby Cascade branches. AmericanWest obtained the branches when it bought PremierWest Bancorp in Medford, Ore., earlier this year.
The branches that will be sold to the $2.5 billion-asset HomeStreet are in Seattle and Bainbridge Island, Wash. Following the close of the deal, HomeStreet will have 19 branches in the Puget Sound region and 25 branches overall.
AmericanWest has more than 100 branches in California, Oregon, Utah, Washington and Idaho. Last month, it agreed to buy eight First PacTrust Bancorp branches in Southern California.
Cascade and HomeStreet were recently freed from enforcement actions. The Federal Deposit Insurance Corp. lifted an order against Cascade's bank in March; that same month, the Federal Reserve Board terminated a regulatory action against HomeStreet.