Puget Sound to Buy Northwestern National
TACOMA, Wash. - Puget Sound Bancorp said it has signed a definitive agreement to acquire Northwestern National Bank in a stock swap valued at $6.6 million, or $21 per Northwestern share.
Northwestern had $36.6 million in assets and $32.7 million in deposits at yearend 1990. It has three branches serving Clallam County in the northern part of Washington State's Olympic Peninsula.
Puget Sound Bancorp, with $4.6 billion in assets, is the parent of Puget Sound National Bank, Tacoma.
The acquisition agreement provides for a tax-free exchange of one Northwestern share for between 0.72 and 1.05 Puget Sound shares, depending on the market price at closing. Approved by the two company boards, the transaction needs the assent of regulators and Northwestern shareholders. Completion is expected early next year.