AmericanWest Bancorporation Announces Application to Open Branch in Sandpoint, Idaho.SPOKANE, Wash. -- AmericanWest Bancorporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AWBC AWBC Australian Wine Brandy Corporation ) today announced the filing of an application by its banking subsidiary, AmericanWest Bank (AWB See House Air Waybill. ), with the Washington State Department of Financial Institutions and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) for approval to open a de novo branch in Sandpoint, Idaho. Contingent upon regulatory approval of this application, AWB will finalize a ground lease for a temporary branch site at 710 Superior Street, Sandpoint, and begin the process of building a permanent office on the west side of Fifth Avenue between Fir Street and Larch larch, any tree of the genus Larix, conifers of the family Pinaceae (pine family), which are unusual in that they are not evergreen. The various species are widely distributed in the Northern Hemisphere. Street. Upon completion of construction, the branch shall be relocated to the permanent site just a few blocks away. "Bringing AmericanWest Bank to Sandpoint will help to elevate and strengthen our presence in North Idaho," said President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Robert M. Daugherty. "By extending our geographic reach north along Highway 95 we are better positioned to offer our clients access to service and will enhance our ability to attract new business, ultimately contributing to increased profitability." "Adding Sandpoint to our footprint is in-line with our business strategy to expand within our established markets," Daugherty said. "This location will be a nice complement to our existing presence in North Idaho." Sandpoint would mark the tenth AWB location in Idaho. Other growth projects currently underway in this area include expanding the Hayden Financial Center and establishing a Financial Center in Coeur d'Alene, which was announced last month and is set to open in early 2006. If the Sandpoint application is approved, a temporary facility will be open for business late first quarter or early second quarter, 2006, with the permanent building expected to be completed later that year. AmericanWest Bancorporation is a community bank holding company with 44 offices located in Eastern Washington and Northern Idaho. For further information on the Company or to access Internet banking, please visit our web site at www.awbank.net. |
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