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Article: Bank of the Northwest Announces Merger with Pacific Northwest Bancorp.
- Article from:
- Business Wire
- Article date:
- July 22, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
PORTLAND, Ore.--(BUSINESS WIRE)--July 22, 2002
Bank of the Northwest (Nasdaq:BKNW) announced today that it has signed a definitive agreement with Pacific Northwest Bancorp (Nasdaq:PNWB) providing for the merger of Bank of the Northwest into Pacific Northwest Bank in a cash and stock transaction presently valued at $85 million.
The combined organization will have assets of $3.2 billion and 59 banking offices in Oregon and Washington.
"We believe that this transaction creates the premier community banking franchise in the Northwest," said Patrick M. Fahey, president and CEO of Pacific Northwest Bancorp. "Bank of the ...