Moore Financial Group Inc., Idaho's largest financial services organization and the parent company of Continental Bank in Utah, is buying two banks in Washington state.
The company has filed with the Securities and Exchange Commission to acquire First Western Bank in Bellevue, located east of Seattle. Moore Financial has paid $4.1 million for Western Bank Holding Co., which owns the issues and the outstanding stock of First Western Bank.Moore also expects to finalize the purchase of Community Bank of Renton, Moore Financial Vice President Dianne Pierce said. The purchase price for Community Bank, with $42 million in assets, is $7.8 million, she said.
The bank ventures would be the first for Moore in Washington.
"First Western isn't large, but it's got strategic location in a fast-growing, high economic growth area," Pierce said.
As of Dec. 31, First Western's assets totaled $29.5 million, with deposits of $25.9 million. Shareholders' equity reached $3 million.