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Owner changes for local branch of
Panhandle State Bank |
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November 4, 2014 |
Something is different at Panhandle State Bank
on the Bonners Ferry South Hill.
New name. New owner. And a little bit of a new
look.
The Bonners Ferry branch of Panhandle State Bank
is now a branch of Columbia Bank, a Tacoma,
Washington-based banking system.
Last July, Columbia Banking System, Inc., the
parent company of Columbia Bank, announced its
agreement to acquire Intermountain Community
Bancorp, which is the Sandpoint parent company
of Panhandle State Bank.
For the $121.5 million cash and stock purchase
price, Columbia Bank is merging Intermountain's
four divisions and nineteen banking locations in
Idaho, Oregon, and Washington, including our
local Panhandle State Bank branch location here
in Bonners Ferry, into Columbia's system. Since
July, the two banking companies have been
working out the details of the business deal,
and meeting regulatory requirements. The deal
was officially finalized and announced as
effective just this past Saturday, November 1.
With this acquisition, Columbia bank now has
over $8 billion in assets, becomes the third
largest bank in the state of Washington, and now
operates over 150 banking locations throughout
the Pacific Northwest.
Columbia Bank has long had the goal of expanding
throughout the Northwest, including into Idaho.
"We are delighted that Intermountain has agreed
to join and grow with Columbia by continuing to
build on the market share they have already
established," said Melanie J. Dressel, President
and Chief Executive Officer of Columbia. "We
have stated for many years that it has long been
our strategy to become the premier Pacific
Northwest regional community bank. We have
always felt that Idaho was an important part of
that strategy and Intermountain, with their
statewide presence, provides us with a
substantial base to serve the Idaho market. We
see this as an exciting opportunity for both
companies, our shareholders, and our respective
teams of bankers."
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