Western Capital Bank and Northwest Bank to merge
Northwest Bank and Western Capital Bank are to merge.
Northwest Bank and Western Capital Bank have confirmed they intend to combine their operations through a process that might benefit from merger and acquisition consultants.
The businesses announced they have gone into a definitive agreement to join together, which is pending the approval of shareholders and regulators.
Combining in this manner will improve the efficiencies of the firms while expanding their resources and reach, it was said.
The newly-created organisation will operate under the name of Northwest Bank and will run from Oregon's Lake Oswego and Boise in Idaho.
Chief executive officer and president of Northwest Karen Lantz said: "This merger is about two community banks that complement each other in size, products, service commitment and their focus on the north-west."
Most clients will not notice any change in the way business with the firm takes place, although its capacity will be "greatly enhanced", she declared.
Western Capital Bank was recently given a five-star 'superior' rating from independent service BauerFinancial, making it the only institution of its kind in Boise to receive this top mark.
Posted by Ron Maverick
Source: Western Capital Bank press release, April 5th