AmericanWest Bank has executed a definitive agreement to acquire Bank of Sacramento creating a larger combined presence in the Greater Sacramento area.
The transaction, which is expected to close in the first half of 2015, will involve the merger of Greater Sacramento Bancorp, the holding company for Bank of Sacramento, into an affiliate of AmericanWest Bank.
Go deeper with GlobalData
Under the terms of the agreement, shareholders of Greater Sacramento Bancorp will receive $22.05 in cash in exchange for each share, or $60m in the aggregate, subject to possible reduction in certain circumstances.
The combined bank will have about $4.5bn in assets, according to financial information as of June 30, 2014, and nearly 100 banking locations spanning from Seattle to Southern California.
Bank of Sacramento president and CEO William Martin said: "This merger is a great fit for Bank of Sacramento. We share a similar approach to community commercial banking and Bank of Sacramento will help bolster AmericanWest’s presence in the Sacramento market.
"Bank of Sacramento customers will benefit from the expanded resources of the combined company while continuing to enjoy great service from their Bank of Sacramento bankers."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
