Before the end of the year, Viking Bank is expected to be purchased by Spokane-based American West Bank for $7.2 million.
“Combining with AmericanWest Bank will provide Viking Bank with important resources that will help our customers and communities prosper and afford our employees greater opportunities for career development,” said Landon Brazier, Chairman of Viking Financial. “Going forward our customers will benefit from AmericanWest’s considerable capital resources and infrastructure, and our communities will continue to enjoy the long‐standing stewardship they’ve come to expect from us. The last three years have been extremely challenging for Viking Bank and other local banks in the area. This transaction also delivers our shareholders liquidity in a time of considerable market turmoil.“
At the end of 2009, Viking Bank was placed under tighter scrutiny by the Federal Deposit Insurance Corporation (FDIC.) The consent orders “vary in their specific terms and conditions, but in general they require banks to clear senior-management changes with regulators; increase capital levels; adopt plans to purge bad loans from their books; and reduce over reliance on certain loan categories, such as commercial real estate,” the Seattle Times wrote in 2009.
According to a letter to current and future customers, Chairman and CEO of AmericanWest Bank Scott Kisting says that the current acquisition is pending shareholder and regulatory approval.
From the letter:
Viking Bank is an exceptional bank with exceptional people who understand what it means to be a community bank—to consistently deliver outstanding customer service, to work as a team toward a common goal, and to give something back to the community through hands-on involvement. We share a common set of values that drive our business practices, and our partnership will provide benefits for customers, employees, and communities. AmericanWest Bank is committed to establishing a strong presence in the Puget Sound market, and merging Viking Bank will significantly further our growth goals.
Viking Bank will change its name to AmericanWest Bank once the acquisition is complete, which management anticipates to be complete by year-end.
Viking Bank owns seven branches in the Puget Sound area, including one in Ballard (2227 NW 57th St). (Thank you Susan for the tip!)
