The combined company will have approximately $600 million in assets and will expand INB’s geographic footprint in Eastern Washington, securing its position as the largest community bank focused exclusively on the Inland Northwest region.
"We are excited about combining these two great community banks to create the largest bank specifically focused on serving these communities," said Randall Fewel, President and CEO of Northwest Bancorporation, Inc. "Inland Northwest Bank is focused on building the premier community banking organization in our region and we believe with this combination, the bank will be even better positioned to grow, serve our customers and create solid returns for our shareholders."
Jay Wernz, Chairman, President and Chief Executive Officer of Fairfield and Bank of Fairfield said, "This merger allows us to partner with a strong, local community bank that will maintain our focus on providing customers with high quality service and maintaining our deep commitment to the communities we serve."
Fewel added, "Bank of Fairfield has served the Palouse Region for over 100 years and we have a deep respect for their organization. It has been a leader in serving the agricultural community throughout Eastern Washington and INB is enthusiastic about this opportunity to grow and diversify our customer base. This transaction is the right fit at the right time."
As of March 31, 2015, Bank of Fairfield had $151.6 million in total assets, $103.1 million in gross loans and $134.0 million in total deposits.
With the addition of Bank of Fairfield’s agricultural lending expertise to INB’s established commercial and residential lending programs, the combined company will have increased loan portfolio diversification and a broader core deposit base. Bank of Fairfield customers will gain access to more product offerings, increased lending limits and a larger branch network.
INB currently operates 11 branches, and Bank of Fairfield currently operates 7 branches. Fewel said "the larger organization will provide greater resources and leadership and development opportunities for employees of both organizations."
The Boards of Northwest Bancorporation, Inc. and Fairfield unanimously approved the transaction, which is subject to, among other conditions, successful completion by NBCT of a capital raise, approval by Fairfield’s shareholders, regulatory approval and other customary conditions of closing.
The merger transaction is expected to close in the fourth quarter of 2015. In addition, Jay Wernz, Chairman, President and Chief Executive Officer of Fairfield and Bank of Fairfield, will join the board of directors of Northwest Bancorporation, Inc. and INB upon closing.
