SPOKANE, Wash.--(BUSINESS WIRE)--AmericanWest Bank today announced the successful completion of its acquisition of Security Business Bancorp (OTCBB:SBBC.OB), the parent company of Security Business Bank of San Diego.
The SBBC shareholders voted to approve the merger at the company’s annual shareholder meeting held May 17. All necessary regulatory approvals also have been received, clearing the way for the completion of the sale.
“On behalf of our entire organization, I welcome the valued customers and talented employees of Security Business Bank to AmericanWest Bank,” said Scott A. Kisting, Chairman and CEO, AmericanWest Bank. “By coming together as one bank we create a compelling win-win for our clients: they continue to receive outstanding service from the same experienced bankers they’ve come to trust, and now, with access to increased lending capabilities, expanded products and services, and greater convenience in the form of additional locations.”
This acquisition adds four branches to AmericanWest Bank’s Southern California footprint in the communities of Carlsbad, Carmel Valley, Downtown San Diego and Escondido.
AmericanWest Bank’s assets total $2.5 billion as of the close of the transaction. The systems conversion is expected in the fourth quarter of this year.
“We’re fully committed to a successful integration which includes keeping customers informed of all significant changes as they happen,” said Kisting.
Based in Spokane, Washington, AmericanWest Bank is a business-focused community bank offering commercial and small business banking, mortgage lending, treasury management products as well as a full line of consumer products and services. At the close of this transaction the bank operates 74 branches in Washington, Idaho, California and Utah.