Spokane-based Inland Northwest Bank is no longer owned locally.
First Interstate BancSystem, which is based in Billings, completed its purchase of the parent company of the Spokane bank on Thursday in a $160.9 million stock deal.
The purchase of Northwest Bancorp. became effective following Northwest Bancorp. shareholders’ approval of the merger during a special meeting Tuesday.
INB will officially become First Interstate Bank on Nov. 13.
In a Friday announcement of the sale’s closure, First Interstate said it expects INB customers to begin receiving information in early October about the conversion and merger of the two banks.
INB customers will see no immediate changes, according to First Interstate BancSystem. The parent company of First Interstate Bank has 120 offices in Montana, Washington, Idaho, Oregon, South Dakota and Wyoming.
“For now, it is ‘business as usual’ for INB. Clients will continue to work with the same bankers they’ve come to know and trust, and INB’s local leadership remains in place,” Kevin Riley, First Interstate president and CEO, said in a news release.
INB was founded in 1989 following the sale of the Bank of Spokane, which prompted local business leaders to start their own community bank. It has 20 offices in three states and 90 people at its downtown Spokane headquarters.
“We are excited to join the First Interstate team and look forward to the many opportunities and benefits this merger will bring to our employees, our clients, and the combined company’s shareholders,” said Russ Lee, former president and CEO of Northwest Bancorp.
With the sale finalized, Lee has been appointed executive vice president for First Interstate.
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