AmericanWest Bank, based in Spokane, has acquired Southern California-based Security Business Bank, in a deal involving a cash payment of $26 million.
Security has four locations in San Diego. This is AmericanWest's first move into Southern California.
Scott Kisting, chairman and CEO of AmericanWest Bank, said in a statement: “We have found a merger partner who shares our core values and in one of the most vital, energetic markets in the Western United States.”
AmericanWest has more than 70 branches in Washington, Idaho, California and Utah, assets of around $2.3 billion and deposits of about $2 billion.
In late 2011 AmericanWest acquired Seattle-based Viking Bank. It paid $7.2 million for the seven Viking branches.