Northwest Bancorporation, Inc. Completes Acquisition of CenterPointe Community Bank

World News: . []

SPOKANE, Wash., July 17, 2017 (GLOBE NEWSWIRE) -- Northwest Bancorporation, Inc. (OTC Pink:NBCT) (the “Company”), the holding company of Inland Northwest Bank (“INB”), today announced that it completed the acquisition of CenterPointe Community Bank (“CenterPointe”) on July 14, 2017.  The combined company will operate under the INB name and brand, with 21 offices across three states – Washington, Idaho and Oregon.  Merger consideration totaled $16.2 million, consisting of $6.9 million in cash and 783,157 shares of the Company’s common stock.

The transaction with CenterPointe marks the Company’s second acquisition in the last two years.  In October 2015, the Company acquired Fairfield Financial Holdings Corp., the parent company of Bank of Fairfield, which expanded its presence in the agriculture laden Palouse region of Eastern Washington.

Russ Lee, president and CEO of the Company commented, “Throughout the process of completing this transaction we have continued to see how similar the two cultures of these companies are.  We remain very confident that this business combination will enhance the value proposition to our customers, employees and shareholders.”

D.A. Davidson & Co. served as financial advisor and Witherspoon Kelley served as legal counsel to Northwest Bancorporation, Inc.  Wedbush Securities, Inc. served as financial advisor and Lane Powell PC served as legal counsel to CenterPointe Community Bank.

For more information contact:

Russell A. Lee, President and CEO
Holly Poquette, Chief Financial Officer

More news and information about Northwest Bancorporation, Inc.

Published By:

Globe Newswire: 14:00 GMT Monday 17th July 2017

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