SPOKANE, Wash.--(BUSINESS WIRE)--Inland Community Bank is now AmericanWest Bank with the successful completion of the acquisition that was first announced July 19, 2012. AmericanWest Bank’s holding company announced today that it completed the acquisition of ICB Financial (OTC: ICBN), the parent company of Inland Community Bank, which was based in Ontario, Calif. Immediately following the close, Inland Community Bank was merged into, and became part of, AmericanWest Bank.
The ICB Financial shareholders voted to approve the purchase at a September 20, 2012 shareholder meeting. The necessary regulatory approvals also were recently received, clearing the way for the completion of the sale.
“We’ve been preparing for this day since July, so on behalf of our entire company, it is my pleasure to welcome Inland Community Bank customers and employees to AmericanWest Bank,” said Scott A. Kisting, Chairman and CEO, AmericanWest Bank. “Now that we are one company, our top priority is to get to know our new customers, employees and communities and to build on the legacy of providing each with outstanding service.”
Today’s acquisition adds five locations to AmericanWest Bank’s footprint: Ontario, Duarte, Rialto, Pasadena and Los Angeles, bringing the Bank’s total number of branches to 80.
AmericanWest Bank’s assets total $2.7 billion at the close of the transaction. A systems conversion is expected in the first quarter of 2013.
ICB Financial was advised in this transaction by FIG Partners as financial advisor and Horgan, Rosen, Beckham & Coren, LLP as legal advisor. AmericanWest Bank was advised by Skadden, Arps, Slate, Meagher & Flom LLP.
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. The Bank now has 80 locations in California, Washington, Idaho and Utah. Learn more about us at www.awbank.net