IE Business Daily Business news for the Inland Empire.
AmericanWest Bank has completed its purchase of eight Pacific Trust Bank offices in the Inland Empire.
The transaction, which was announced Oct. 4, includes two offices in Riverside and one in Temecula, according to a report originally published in The Press-Enterprise.
The sale was valued at $6.3 million. AmericanWest agreed not to hire new employees for one year at the branch offices it bought, nor will it open any new or existing branches within a three-mile radius unless another bank is purchased within that territory, according to the report.
Pacific Bank Trust’s holdings are valued at nearly $480 million.
Seattle-based AmericanWest Bank, a community bank that wants to raise its profile in the Inland Empire, has about $1.4 billion in assets. It operates 109 branch offices in California, Utah, Washington, Oregon and Idaho, and two of its California branches are in Ontario and Palm Desert, according to the report.
