Washington-chartered commercial lender Banner Bank has signed an agreement with Idaho Bancorp to purchase all of the stock and equity interests in Idaho Banking Company, as part of its expansion strategy.
Post-acquisition and subsequent merger, the united company will have nearly $4.6bn in assets and will be the fourth largest Pacific Northwest headquartered commercial bank as ranked by assets.
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Banner president and CEO, Mark Grescovich, said, "This transaction presents a unique opportunity for Banner to expand our presence in the Boise market, which is the third largest metropolitan market in the Pacific Northwest.
"The combination of our two organisations provides the opportunity to create revenue and cost synergies while offering Idaho Banking customers a broader product offering, increased lending limits and an expanded branch delivery system that stretches throughout the Pacific Northwest."
The transaction, which has been approved by the boards of both bank holding companies, is expected to conclude during the third quarter of 2014 after receiving concerned regulatory approvals as well as satisfying other closing customary conditions.
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