The purchase of AmericanWest Bank by a new holding company closed today.
SKBHC Holdings LLC paid $6.5 million for the Spokane bank and its Utah division, Far West Bank. The group also injected $185 million in capital into AmericanWest, which was reeling from losses on construction and real estate loans.
The seller was AmericanWest Bancorporation.
The new president and chief executive officer of AmericanWest, Scott Kisting, said the institution will intensify its focus on community banking.
“This is the start of a dynamic period of strenghtening relationships with customers and expanding our franchise when possible,” he said.
AmericanWest has 40 branches in Washington and Idaho. Far West has 18 in Utah.