Far West Bancorp.'s principal operating subsidiary, Far West Bank, has completed its merger with and into AmericanWest Bank.
The transaction was valued at about $150 million, with Far West shareholders receiving $30 million in cash and about $120 million in AmericanWest common stock.
Far West now is a division of AmericanWest Bank, based in Spokane, Wash. The combined company has total assets of about $1.9 billion, total shareholders' equity of approximately $270 million and 62 full-service financial centers. AmericanWest Bank locations in Utah will operate under the Far West Bank name.
The AmericanWest board has appointed two former Far West directors to AmericanWest's board: Ivan T. Call, retired professor of business administration at Brigham Young University, and Don Norton, former president and chief executive officer of Far West Bank. Norton also entered into an agreement with AmericanWest under which he will serve as a regional director in the Utah market.