Bank of Idaho has agreed to buy five branches in Washington from HomeStreet Bank in Seattle.
Bank of Idaho Holding, the parent company of the $738 million-asset Bank of Idaho, said its purchase of HomeStreet’s branches in Spokane, Kennewick, Dayton, Yakima and Sunnyside will mark its entry into the state and add to the bank’s network of 13 locations. The deal was announced Wednesday and is expected to close on or before Aug. 1.
“Bank of Idaho’s roots serving communities across the western landscape make it a perfect fit in Eastern Washington ... our shared values — and way of life — will be a comfort to all our customers, who will experience great service, enhanced opportunity and dedication to community Bank of Idaho is known for in our new, united footprint,” Jeff Newgard, the bank's president and chief executive, said in a press release.
Bank of Idaho, based in Idaho Falls, will retain the lending business and employees present at the branches it is taking over.
“This sale allows HomeStreet to focus our retail banking branch strategy on the larger metropolitan markets in the western United States ... we are confident that Bank of Idaho will continue to provide our Eastern Washington branch customers with the excellent service and community focus they have come to expect,” Mark K. Mason, president, CEO and chairman of the $7.2 billion-asset HomeStreet Bank, said in the release.
MJC Partners provided Bank of Idaho Holding with financial advice and Stinson provided legal advice.
