Boise, ID (PRWEB) July 11, 2014
Boise, Idaho-based Northwest Bank announced today that it has entered into a definitive agreement to merge with Seattle, Washington-based Regal Financial Bank, pending regulatory and Regal Financial Bank shareholder approval. The transaction will expand the reach and resources of both banks. Together, the combined banks will have one of the strongest capital ratios of any bank operating in the Northwest.
“This is another outstanding opportunity for Northwest Bank to partner with a bank that has a similar business focus and values that complement our own,” said Jeff Gow, Chairman of Western Capital Corporation, holding company of Northwest Bank. “We think the transaction will provide further benefits to our clients, shareholders, and communities.”
Regal Financial Bank was formed in 2002 in Seattle, Washington. Northwest Bank was formed in March 2008 in Boise, Idaho and merged with Northwest Bank of Lake Oswego, Oregon in 2012, which expanded the bank’s market share in the Pacific Northwest.
Chairman and CEO of Regal Financial Bank Randy James stated, “This merger with Northwest Bank is a good fit for our customers and employees, and will provide the critical mass so vital to effectively compete in today’s banking environment.”
Brandon Elieff will serve as Washington President for Northwest Bank. Elieff spent the past three years with Northern Trust in Seattle where he was Senior Lender for the Pacific Northwest region. Prior to that, Elieff worked with Sterling Savings Bank as a corporate banking team leader for seven years.
“This merger presents Northwest Bank with an excellent entry into the Puget Sound market where we have many contacts and excellent prospects for growth,” said Elieff.
Northwest Bank President and CEO Steve Wasson adds, “This merger will provide an experienced SBA lending team and a physical presence in Seattle in order to serve more clients in the Pacific Northwest. For most of our clients, there will be little to no change in the way they do business with us, yet the bank’s capacity to do business with them will be greatly enhanced.”
The transaction is structured as a merger with Regal Financial Bank and Northwest Bank, subject to receipt of all necessary regulatory and shareholder approvals and is expected to be complete in the third quarter of 2014. Regal Financial Bank will adopt the name Northwest Bank and will continue to operate from their current location.