InterWest Bancorp Completes Merger of Subsidiary Banks

Strategic Insights -

InterWest Bancorp, a Pacific Northwest commercial bank holding company, has successfully merged its banking affiliates, InterWest Bank, Pacific Northwest Bank, and The Bank of Tukwila, into a single commercial bank as of July 1, 2000. This consolidation process marks a significant step in InterWest's journey to becoming the premier commercial bank in the Pacific Northwest. The merger enables the company to optimize operating efficiencies and improve financial results.

Key Takeaways:

  • InterWest Bancorp has merged its banking affiliates, InterWest Bank, Pacific Northwest Bank, and The Bank of Tukwila, into a single commercial bank effective July 1, 2000.
  • The consolidation process includes the conversion of InterWest Bank's charter from a Washington state savings bank to a Washington state commercial bank.
  • Patrick M. Fahey, President and Chief Executive Officer, emphasized the importance of this step in becoming the premier commercial bank in the Pacific Northwest.
  • InterWest Bank has implemented a new operating system aimed at enhancing operational efficiency and providing a superior product set to customers.
  • All locations of the merged banks will operate as financial centers under InterWest Bank's name until the conversion of operating systems is complete.
  • The company has two non-bank subsidiaries, InterWest Financial Services Inc. and InterWest Insurance Agency Inc.
  • InterWest Bancorp operates 55 financial centers in Washington state.

Statistics:

  • 3 banking affiliates merged into a single commercial bank (InterWest Bank, Pacific Northwest Bank, and The Bank of Tukwila)
  • 55 financial centers operated by InterWest Bancorp in Washington state
  • 2 non-bank subsidiaries: InterWest Financial Services Inc. and InterWest Insurance Agency Inc.

Sources:

  • PRNewswire (July 5, 2000)