According to the clause of the merger deal, the transaction will complete through a merger of Inland Community Bank’s holding company, ICB Financial, with AmericanWest Bank’s holding company.
As per the terms agreed, it is expected that shareholders of ICB Financial will receive aggregate consideration in cash equal to approximately $23.7m at closing, subject to adjustment as described in the merger agreement.
ICB Financial shareholders would have received in cash approximately $4.60 per share of common stock in connection with the transaction as of 30 June 2012.
The deal, which is expected to accomplish during the fourth quarter of current fiscal is a subject to the receipt of all necessary regulatory and shareholder approvals, as well as other customary closing conditions.
AmericanWest Bank chairman and CEO Scott A Kisting said, "This is an excellent fit because our two organizations are alike in many ways, including the value we place on outstanding customer service, our focus on business banking, and our absolute dedication to community banking."
AmericanWest Bank currently has total assets of approximately $2.5bn, while Inland Community Bank holds assets of $221m, as of 31 March 2012.
ICB Financial received financial advice from FIG Partners on the transaction, while Horgan, Rosen, Beckham & Coren, acted as legal advisor. AmericanWest Bank was advised by Skadden, Arps, Slate, Meagher & Flom.
