AmericanWest Bank in Spokane, Wash., is moving into the California market with a deal to buy another bank from ailing Capitol Bancorp Ltd.
The $1.6 billion-asset company AmericanWest, which itself on was on the verge of failing last year, announced Thursday that an affiliated company is acquiring Sunrise Bank in San Diego for $18.5 million, or $4.51 per share. The deal is expected to close in the third quarter, at which point the $292 million-asset Sunrise and its four branches would be merged into AmericanWest.
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