Business

AmericanWest Bank, Banner merge

AmericanWest Bank and the Banner Corporation, the holding company for Banner Bank and Islanders Bank, announced Wednesday that they’ll merge and operate under the Banner Bank brand.

The combined company will be a super community bank with more than $9.7 billion in assets, $6.8 billion in loans, $7.9 billion in deposits, and about 190 branches across five western states.

Banner will continue to be led by Mark J. Grescovich as president and chief executive officer. Five representatives from AmericanWest will join the Banner board of directors at closing, increasing the total number of directors to 17.

Based on the closing price of Banner’s common stock on Tuesday, the aggregate value of the transaction is about $702 million.

Banner Corporation operates commercial banks in Washington, Oregon and Idaho. AmericanWest Bank is based in Spokane and operates 94 branches in California, Washington, Idaho, Oregon and Utah.

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