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Economy

Banner Bank Taking Over American West Bank

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Banner Bank is taking over Spokane-based American West Bank in a $702 million deal that will expand the Walla Walla bank to 190 branches in five states, including Idaho.

Both banks cater to midsize businesses, farms and manufacturing companies. Banner president and CEO Mark Grescovich told The Spokesman-Review Wednesday that will continue.

He expects the deal to close next spring after a review by state and federal regulators and a shareholders' vote.

American West has 94 branches in Washington, Oregon, Idaho, Utah and California. Banner has branches in Washington, Oregon and Idaho. With the acquisition Banner will have $9.7 billion in assets, $6.8 billion in loans and $7.9 billion in assets.

In September, Banner acquired Nampa, Idaho, based Home Federal Bank in a $197 million deal.