Bank of Idaho has announced it will purchase five branches from HomeStreet Bank, including one in Spokane.
The other branch locations are in Kennewick, Dayton, Yakima and Sunnyside, according to a news release. The Spokane branch is at 818 W. Riverside Ave.
“Bank of Idaho’s roots serving communities across the western landscape make it a perfect fit in Eastern Washington,” said Jeff Newgard, president and CEO of Bank of Idaho.
Mark K. Mason, HomeStreet Bank president and CEO, said teams of employees from both institutions were working on a “seamless transition” that could close before Aug 1., pending regulatory approval.
“This sale allows HomeStreet to focus our retail-banking branch strategy on the larger metropolitan markets in the western United States,” Mason said.
“We are confident that Bank of Idaho will continue to provide our Eastern Washington branch customers with the excellent service and community focus they have come to expect.”
Terms of the agreement were not disclosed.
Bank of Idaho was formed in 1985 in Idaho Falls. It has 10 full-service locations and four mortgage offices.
HomeStreet Inc. is based in Seattle and focuses on real estate, commercial and consumer lending, according to the news release.Tom Clouse can be reached at (509) 459-5495 or at firstname.lastname@example.org.
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