With an eye to expanding coverage in northwestern Washington State, Interwest Bank plans to acquire Cornerstone Northwest Mortgage Inc. in Everett.
The acquisition of Cornerstone, the largest broker of residential mortgage loans in Snohomish County, will allow Interwest to expand its influence in Snohomish, King, and Skagit counties and further diversify its product line.
Interwest said it plans to retain Cornerstone's management to boost company resources. Once the transaction is complete, Cornerstone will operate under its own name as a wholly owned subsidiary of Interwest.
Interwest, with $1.3 billion in assets, is the fourth-largest savings bank in Washington.