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Banking industry

InterWest Bancorp to Become Pacific Northwest Bancorp

Strategic Insights

— 1 min read

After receiving approval from its Board of Directors, InterWest Bancorp, a $2.83 billion financial services holding company, will undergo a name change to Pacific Northwest Bancorp. This move will affect the company's commercial banking subsidiaries and will result in a unified brand identity across all 55 financial centers in 16 counties in Washington State. The company's stock will continue to trade on the Nasdaq exchange, and will adopt the new symbol "PNWB." This change is part of the company's strategy to solidify its presence in the Pacific Northwest region and provide premier service to its customers.

Key Takeaways:

  • InterWest Bancorp will change its name to Pacific Northwest Bancorp, marking a significant step in its growth and focus on the Pacific Northwest region.
  • The name change will affect the company's commercial banking subsidiaries, including InterWest Bank, The Bank of Tukwila, Pioneer Bank, and Kittitas Valley Bank, which will adopt the Pacific Northwest Bank name.
  • The company's financial centers will be consolidated under a common brand identity, with all services available at all locations.
  • The name change is part of the company's strategy to provide premier service to its customers and solidify its presence in the Pacific Northwest region.
  • The company will adopt the current Pacific Northwest Bank address of 1111-3rd Avenue in Seattle, reflecting its intent to serve the Pacific Northwest.
  • Bank facilities in Oak Harbor will continue their current operations, with no relocation of existing staff to occur as a result of these changes.
  • The company's systems conversions will allow for a seamless transition to the new brand identity.

Statistics:

  • The company has 55 financial centers in 16 counties in Washington State.
  • The company's stock will continue to trade on the Nasdaq exchange under the new symbol "PNWB".
  • The company will offer a full line of financial products and services to its customers, including commercial and small business financial solutions.
  • The company's Board of Directors approved the name change at their August meeting.
  • The name change is expected to be completed by late 2000, with all Pacific Northwest Bank locations having the new brand identity.

Sources:

  • [Business Wire, August 21, 2000]

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