The effort to recapitalize AmericanWest Bank of Spokane and its West Bank division in Utah is complete.
The bank announced Monday that details of the $185 million acquisition by SKBHC Holdings LLC have been signed and sealed.
“A new chapter for AmericanWest Bank begins now,” SKBHC Chairman and CEO Scott A. Kisting said in a news release. “We will build on the existing foundation to create a high-performing community bank, one that is based on relationship banking in the finest sense of the term.”
Kisting will serve as president and CEO of AmericanWest Bank. James R. Claffee will serve as the bank’s chief operating officer.
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Kisting led the formation of SKBHC Holdings LLC in December 2009. It has funding commitments of $750 million from major private equity investors, as well as public and private pension funds.
As previously announced, the deal consisted of SKBHC purchasing all outstanding shares of the bank from the prior holding company, AmericanWest Bancorporation, for $6.5 million, then investing an additional $185 million of new capital in the bank.
Patrick Rusnak, immediate past president and CEO of AmericanWest, will remain to assist with the transition.
AmericanWest operates 40 financial centers in Eastern Washington and Northern Idaho, and 18 in Utah under the Far West brand. As of Monday, when the deal closed, AmericanWest Bank had total assets of approximately $1.6 billion.