AmericanWest to buy California bank

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.