SPOKANE, Wash., July 17, 2017 (GLOBE NEWSWIRE) -- Northwest Bancorporation, Inc. (OTC Pink:NBCT) (the “Company”), the holding company of Inland Northwest Bank (“INB”), today announced that it completed the acquisition of CenterPointe Community Bank (“CenterPointe”) on July 14, 2017. The combined company will operate under the INB name and brand, with 21 offices across three states – Washington, Idaho and Oregon. Merger consideration totaled $16.2 million, consisting of $6.9 million in cash and 783,157 shares of the Company’s common stock.
The transaction with CenterPointe marks the Company’s second acquisition in the last two years. In October 2015, the Company acquired Fairfield Financial Holdings Corp., the parent company of Bank of Fairfield, which expanded its presence in the agriculture laden Palouse region of Eastern Washington.
Russ Lee, president and CEO of the Company commented, “Throughout the process of completing this transaction we have continued to see how similar the two cultures of these companies are. We remain very confident that this business combination will enhance the value proposition to our customers, employees and shareholders.”
D.A. Davidson & Co. served as financial advisor and Witherspoon Kelley served as legal counsel to Northwest Bancorporation, Inc. Wedbush Securities, Inc. served as financial advisor and Lane Powell PC served as legal counsel to CenterPointe Community Bank.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which currently operates 21 offices across Washington, Idaho and Oregon. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations and agriculture-related operations, by providing a full line of commercial, retail, agricultural, mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com.
Forward-Looking Statements
This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the business of the Company and CenterPointe may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.