Washington-based Banner and its wholly owned subsidiary Elements Merger Sub (Merger Sub) have received the green light from the Federal Reserve to acquire Seattle-based Starbuck Bancshares and its subsidiary AmericanWest Bank.
Following the takeover, Starbuck would be merged into Merger Sub while AmericanWest Bank would be merged into Banner’s wholly owned subsidiary Banner Bank, with Merger Sub and Banner Bank being the surviving entities.
Starbuck manages consolidated assets of nearly $4.6bn and about $3.6bn in consolidated deposits. The organisation controls AmericanWest Bank, which operates with locations in Washington, California, Idaho, Oregon, as well as Utah.
Banner includes consolidated assets of about $5.2bn and consolidated deposits of about $4.3bn. The group controls Banner Bank, which operates in Washington, Idaho, and Oregon.
Following completion of the transaction, Banner is projected to hold consolidated assets worth about $9.8bn.