AmericanWest Bank has agreed to buy a Southern California bank for $18.5 million, the Spokane-based institution said today.
Sunrise Bank, with branches in Point Loma, Escondido, Palm Desert and San Diego, has $232 million in assets and $212 million in deposits.
AmericanWest assets total $1.6 billion, deposits $1.4 billion.
Affiliates of Capitol Bancorp Ltd. have agreed to vote their controlling share of Sunrise in favor to the merger, which will pay holders of each Sunrise share $4.31 in cash.
Capitol is also the majority owner of Bank of the Northwest, which AmericanWest agreed to buy last month for $17 million.
Both deals await regulatory approval.
The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.
Tom Sowa Tom Sowa covers technology, retail and economic development and writes the Office Hours blog.
Recent work by Tom
John Stucke John Stucke's primary coverage areas include health care, agriculture and the labor market.
Recent work by John
Becky Kramer Becky Kramer covers the environment, natural resources and utilities.
Recent work by Becky
Alison Boggs Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.
Recent work by Alison
Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.
Addy Hatch is the city editor, and formerly was business editor.
999 W. Riverside, Spokane, WA 99201
P.O. Box 2160, Spokane, WA 99210
Main switchboard: (509) 459-5000 • (800) 338-8801
Newsroom: (509) 459-5400 • (800) 789-0029
Customer service: (800) 338-8801
© Copyright 2013, The Spokesman-Review
Terms of use • Privacy policy • Copyright policy
Spokane7
57°
Get blog updates by email
Sign up for our business email newsletter
Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.
You must be logged in to post comments. Please log in here or click the comment box below for options.
comments powered by Disqus« Back to Office Hours