Washington based AmericanWest Bank and Seattle
based Viking Bank will merge to create a larger presence in
Washington.

Earlier this year, AmericanWest expanded into
western Washington by acquiring Bank of the Northwest. The seven
Viking locations will provide customers greater access to services
throughout Puget Sound and the west. Viking Financial Services
Corporation, the holding company of Viking, will merge with an
affiliate of AmericanWest.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Chairman and CEO of AmericanWest Bank, Scott
Kisting, said, “Our bank is in a strong capital position with money
to lend so we are particularly enthusiastic about the positive
impact we can make by meeting the lending and enhanced product
needs of Viking customers.”

Chairman of Viking Financial, Landon Brazier,
said, “Going forward our customers will benefit from
AmericanWest’s considerable capital resources and
infrastructure. The last three years have been extremely
challenging for Viking Bank and other local banks in the area. This
transaction also delivers our shareholders liquidity in a time of
considerable market turmoil.”

Currently, AmericanWest has total assets of
approximately $2 billion and deposits of approximately $1.6
billion. At the end of June 2011, Viking Financial had total assets
of $406 million and total deposits of $379 million.

Under the terms of the definitive merger
agreement, Viking Financial shareholders will receive aggregate
cash consideration of $7.2 million, or $2.65 per share.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The merger transaction is subject to the receipt of all
necessary regulatory and shareholder approvals, and other
conditions. The deal is targeted to close around year-end.