Bank of Idaho in Idaho Falls has agreed to buy five branches in eastern Washington from HomeStreet in Seattle.
The $737 million-asset Bank of Idaho said in a press release Tuesday that it will also gain the branches’ lending business and employees. The deal is expected to close by Aug. 1.
Bank of Idaho did not disclose the price it will pay.
“Bank of Idaho’s roots serving communities across the western landscape make it a perfect fit in eastern Washington,” Bank of Idaho President and CEO Jeff Newgard said in the release. “Our shared values – and way of life – will be a comfort to all our customers, who will experience great service, enhanced opportunity and dedication to community.”
“This sale allows HomeStreet to focus our retail banking branch strategy on the larger metropolitan markets in the western United States,” Mark Mason, HomeStreet’s chairman, president and CEO, said in the release. “Teams of employees from both HomeStreet and Bank of Idaho are collaborating to ensure a seamless transition for our Eastern Washington customers and the community.”
MJC Partners and Stinson advised Bank of Idaho.