Horizon Bank operated 18 full-service offices, four commercial loan centers and four real estate loan centers throughout Whatcom, Skagit, Snohomish and Pierce Counties in Washington.
Under terms of the purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), Washington Federal agreed to an asset discount and FDIC loss sharing on loans. The company anticipates that this transaction will be accretive to earnings beginning in the 2nd fiscal quarter.
Roy Whitehead, chairman, president and chief executive of Washington Federal, said: “We wish to extend the warmest welcome to the customers and employees of the former Horizon Bank. While Washington Federal is not new to Northwest Washington, the addition of this new customer base and the associated branches will materially increase our prominence there. Branches will open under new ownership; otherwise, it will be business as usual for all Horizon Bank customers.”
