Sunwest Bank Acquires Assets and Deposits From FDIC as Receiver for Westside Community Bank in Washington
PUYALLUP, WA--(Marketwire - Jan 11, 2013) - On January 11, 2013, Westside Community Bank was closed by the Washington State Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sunwest Bank, (OTCQB: SWBC) headquartered in Irvine, CA acquired substantially all of the deposits and assets of Westside Community Bank from the FDIC as Receiver for Westside Community Bank.
The former Westside Community Bank will reopen Monday, January 14th as part of Sunwest Bank. Representatives from Sunwest Bank will be available at former Westside Community Bank branches to answer questions from current and prospective clients. Existing Westside clients will be able to conduct business as usual, as their money will be available through checks, ATM and debit cards. Loan clients should continue to make their payments to former Westside Community Bank offices.
"We are pleased with the opportunity to partner with the businesses and residents of Washington and for Sunwest Bank to become part of the community," said Chris Walsh, President and Chief Executive Officer of Sunwest Bank. "Sunwest Bank is a strong and well-capitalized community bank. Our new clients can be confident their deposits are in a stable bank with more than 43 years of experience and we look forward to serving their banking needs going forward."
Despite the competitive marketplace, Sunwest Bank continues to thrive. Sunwest Bank's net income for the nine-month period ending September 30, 2012 was over $5 million and their Tier 1 Risk Based Capital ratio was more than double the amount required by the FDIC to be considered well capitalized at 15.81%. Maintaining a strong capital position and growing deposit base, Sunwest Bank is able to provide the funding needed to actively lend to their local communities.
"Sunwest has never wavered from its core values, enabling the Bank to focus on what matters most -- our clients and our communities," Walsh explained. "While other banks are focused elsewhere, Sunwest Bank is still lending to entrepreneurs, attracting depositors, and exploring additional acquisition opportunities."
"With a number of larger banks in the area, local residents will be comforted by the fact that Sunwest is a true community bank, providing personal service and experienced loan officers that listen and understand businesses, complemented by a practical approach to lending," said Walsh. "We are pleased to welcome former Westside clients as our new clients."
Named a "Best Performer" in American Banker magazine's May 2012 issue, Sunwest Bank was ranked fourth out of the 200 top community banks and thrifts nationwide, as ranked by a three-year average return on equity. Sunwest Bank has banking offices in Tustin, Anaheim, Irvine, Laguna Hills, San Clemente and Encinitas, California. In addition, the bank has branches in Flagstaff and Cottonwood, Arizona. The bank specializes in meeting the credit and cash management needs of small and mid-size businesses. Visit www.sunwestbank.com or call (800) 330-9890 to learn more.
