Northwest Bancorporation, Inc. (OTC Pink: NBCT) (the “Company”), the holding company of Inland Northwest Bank (“INB” or the “Bank”), previously announced that it had entered into a definitive agreement pursuant to which Bank of Fairfield’s holding company, Fairfield Financial Holdings Corp. (“Fairfield”), will merge with and into the Company and Bank of Fairfield will merge with and into Inland Northwest Bank (“INB”), with the Company and INB surviving the mergers. Today, the Company announced it has received all required regulatory approvals of the proposed merger transaction from the Federal Deposit Insurance Corporation and the Washington Department of Financial Institutions.
The transaction is expected to close early in the fourth quarter of 2015, subject to approval of Fairfield’s shareholders and other customary closing conditions. Upon completion of the merger transaction, the combined company is expected to have approximately $600 million in assets and sixteen branches in Eastern Washington and Northern Idaho.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which operates seven branches in Spokane County, Washington, and four branches in Kootenai County, Idaho. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations, by providing a full line of commercial, retail, mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com.
About Fairfield Financial Holdings Corp.
Fairfield Financial Holdings Corp. is the parent company of Bank of Fairfield, a state-chartered community bank serving its communities through its eight locations in Spokane and the Palouse Region. Bank of Fairfield specializes in working with generations of family farms and the communities they support since 1908 by providing full service banking with top quality service. More information about Bank of Fairfield can be found at www.bankoffairfield.com.
Certain statements in this press release may constitute “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the businesses of the Company and Fairfield Financial Holdings Corp. may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; the shareholders of Fairfield may fail to approve the merger; the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information contact:
Randall L. Fewel, President and CEO
Holly Poquette, Chief Financial Officer