Printer Friendly

WEST ONE BANCORP ACQUIRES BEN FRANKLIN NATIONAL BANK

 BOISE, Idaho, June 1 /PRNewswire/ -- West One Bancorp (NASDAQ-NMS: WEST) today announced the completion of its acquisition of Ben Franklin National Bank, headquartered in Pasco, Wash.
 The acquired three-branch Ben Franklin National Bank has been merged with the operations of West One's recently acquired four-branch Yakima Valley Bank and has been renamed West One Bank, Eastern Washington. Douglas R. Pringle, president and chief executive officer of Yakima Valley Bank, will remain president, chief executive officer and director of West One Bank, Eastern Washington. Otto Geisert, former chairman and director of Ben Franklin National Bank, and William N. Lampson, also former director of Ben Franklin National Bank, have been appointed directors of West One Bank, Eastern Washington.
 West One Bank, Eastern Washington, has assets of $155 million, seven branches and will serve the banking needs of the Yakima Valley and the Tri-Cities areas.
 West One Bancorp will acquire all the outstanding common stock of Ben Franklin National Bank. The number of shares of West One Bancorp's common stock to be received by the shareholders of Ben Franklin National Bank was determined by dividing the purchase price by the average market price of West One Bancorp's stock for 10 consecutive days ending on the 20th trading day preceding the acquisition date. Based on a purchase price of $5.1 million and on the number of shares of Ben Franklin National Bank currently outstanding, the per share price was $34.09.
 "This transaction is part of our commitment and long-time priority to continue to expand West One's presence in Eastern Washington," said Daniel R. Nelson, chairman and chief executive officer of West One Bancorp.
 Pringle said, "The expansion offers an opportunity to provide our customers in Eastern Washington increased services that include enhanced agricultural lending capabilities to augment current lending practices in the Yakima Valley and Tri-Cities areas. After all, West One is the fifth largest agricultural lender in the U.S."
 Ben Franklin National Bank was a three-branch, $35-million asset institution serving Pasco, West Pasco and Connell, Wash.
 Yakima Valley Bank was a four-branch, $120-million asset institution serving the Yakima, Wash., valley.
 West One Bancorp is a 126-year-old leading Pacific Northwest regional bank holding company which currently has assets of $7.1 billion and more than 200 offices and 4,500 employees in Idaho, Washington, Oregon and Utah.
 -0- 6/1/93
 /CONTACT: Linda Blount-Strauss, vice president Corporate Communications, of West One Bancorp, 208-383-7474/
 (WEST)


CO: West One Bancorp; West One Bank, Eastern Washington; Ben Franklin
 National Bank ST: Washington, Idaho IN: FIN SU: TNM


LM -- SE004 -- 3754 06/01/93 07:55 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1993
Words:432
Previous Article:BIOJECT EARNS BUSINESS WEEK-SPONSORED DESIGN AWARD
Next Article:SPECIALTY PAPERBOARD INC. DISCUSSES SECOND-QUARTER OUTLOOK; ANNOUNCES AGREEMENT FOR COGENERATION FACILITY
Topics:


Related Articles
WEST ONE BANCORP ACQUIRES WASHINGTON FEDERAL SAVINGS BANK
WEST ONE BANCORP COMPLETES ACQUISITION OF 38 BRANCHES FROM SECURITY PACIFIC CORP. IN WASHINGTON
WEST ONE BANCORP MERGES WITH YAKIMA VALLEY BANK
WEST ONE BANCORP TO ACQUIRE BEN FRANKLIN NATIONAL BANK
DAUPHIN DEPOSIT CORPORATION TO ACQUIRE VALLEY BANCORP., INC.
WEST ONE BANCORP TO ACQUIRE NATIONAL SECURITY BANK HOLDING COMPANY
WEST ONE BANCORP COMPLETES ACQUISITION OF NATIONAL SECURITY BANK HOLDING COMPANY
TRIANGLE BANCORP, INC. ANNOUNCES MERGER WITH THE VILLAGE BANK
FIRST HAWAIIAN, INC. TO ACQUIRE 30 DIVESTED BRANCHES OF U.S. BANCORP AND WEST ONE BANCORP
Premier Financial Bancorp, Inc. Joins Community Trust in Purchase of Banc One Corporation West Virginia Branches

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters