West One Bancorp has completed its previously announced acquisition of 38 Security Pacific Bank branches in Washington from BankAmerica Corp. for an undisclosed price.
West One said it assumed deposit liabilities of $1.1 billion and acquired loans of $800 million, along with three business banking centers, two private banking centers, an auto financing center and a specialty corporate banking center."West One will be the fifth-largest commercial bank in Washington," said Dan Nelson, chairman and chief executive officer of West One. "We have waited a long time for this opportunity and we look forward to the challenges ahead."
West One began expanding into Washington four years ago and has since bought four community banks. The latest deal gives West One 50 branches, $1.5 billion in assets and more than 600 employees in Washington.
West One, of Boise, has $6.5 billion in assets and more than 200 offices in Idaho, Washington, Oregon and Utah. It earned $15.3 million, or $1 a share, in the second quarter.
BankAmerica, which acquired Security Pacific for $4.4 billion in April, was required to divest 74 Security Pacific branches in Washington to satisfy federal antitrust concerns. It sold 48 of the branches to KeyCorp in a deal that was also completed on Thursday.