Inland Community Bank to be bought by AmericanWest
A community bank in southern California is to be acquired by AmericanWest Bank.
Financial services provider AmericanWest Bank has confirmed it is set to acquire the Inland Community Bank (ICB) in a deal worth $23.7 million (£15.25 million).
Negotiation consultants may be needed to complete the transaction, which is subject to the receipt of all necessary regulatory and shareholder approvals and customary closing conditions and is scheduled to be finalised by the fourth quarter of 2012.
The deal will help expand AmericanWest's presence in southern California and will see the firm acquire ICB's five locations, in Ontario, Duarte, Los Angeles, Pasadena, and Rialto.
James Cooper, president and chief executive of ICB, explained the current environment is very challenging for small community banks due to issues such as "ever-increasing regulation, heightened capital requirements and rising expenses".
Therefore, he said the merger with AmericanWest will be a "win-win" for both customers and employees.
Mr Cooper said that clients of the bank will benefit from "larger lending limits, more resources and expanded product and service offerings".
His team will remain "part of an outstanding community bank", the representative added.
Posted by Edel Quinn
Source: AmericanWest Bank press release, July 19th