AmericanWest Bank announces plans to take over Sacramento bank
AmericanWestBank has announced plans to acquire Bank of Sacramento.
The deal, announced Wednesday, is subject to regulatory and shareholder approval.
Founded in 1998, Bank of Sacramento has $468 million in assets and four branches, all in the Sacramento area.
AmericanWest has $4 billion in assets, five branches in the Sacramento area and 94 branches overall. The press release states the local branches are in complementary locations, suggesting they would all remain open.
The transaction is scheduled to close in early 2015. Under terms of the deal, Greater Sacramento Bancorp shareholders will receive $22.05 per share, or $60 million in aggregate, with a reduction in certain circumstances.AmericanWest will acquire Greater Sacramento Bancorp, the holding company for Bank of Sacramento.
The merger will result in a bank with $4.5 billion in assets and 100 banking locations on the West Coast.
“This merger is a great fit for Bank of Sacramento. We share a similar approach to community commercial banking, and Bank of Sacramento will help bolster AmericanWest’s presence in the Sacramento market,” William J. Martin, president and CEO of Bank of Sacramento, said in the news release. “Bank of Sacramento customers will benefit from the expanded resources of the combined company while continuing to enjoy great service from their Bank of Sacramento bankers.”