AmericanWest Bancorporation Announces Completion of Merger with Far West Bancorporation.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 ) announced today that its merger with Far West Bancorporation was completed on April 1, 2007. The transaction was valued at approximately $150 million, with Far West shareholders receiving $30 million in cash and AmericanWest common stock valued at approximately $120 million. Far West Bancorporation's principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Far West Bank, was merged with and into AmericanWest Bank effective April 1, 2007. Approximately 5.7 million shares of AmericanWest common stock will be issued in connection with the merger. The combined company has total assets of approximately $1.9 billion, total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of approximately $270 million and 62 full-service financial centers. In accordance with the terms of the merger agreement, the AmericanWest board has appointed two former Far West directors to its board. These include Ivan T. Call, retired professor of business administration at Brigham Young University Brigham Young University, at Provo, Utah; Latter-Day Saints; coeducational; opened as an academy in 1875 and became a university in 1903. It is noted for its law and business schools. , and Don Norton Don Norton (born March 3, 1938 in Iowa City, Iowa, died June 23, 1997) is a former American football wide receiver in the American Football League. He played 7 seasons for the San Diego Chargers (1960–1966), making the AFL All-Star team in 1961 and 1962. , former President and Chief Executive Officer of Far West. Mr. Norton has also entered into an employment agreement with AmericanWest under which he will serve as a regional director in the Utah market. The integration of the Far West operating systems was also successfully completed as planned on April 1, 2007. The AmericanWest Bank financial centers in Utah will continue to operate under the Far West Bank brand name. About AmericanWest Bancorporation AmericanWest Bancorporation is a bank holding company whose principal subsidiary is AmericanWest Bank, a community bank with 62 financial centers located in Eastern and Central Washington, Northern Idaho and Utah. For further information on the company or to access Internet banking, please visit our web site at www.awbank.net/IR. |
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