Business

AmericanWest branch on Bainbridge is sold

The AmericanWest Bank branch on Bainbridge Island was sold to HomeStreet Bank this week.

The purchase of the AmericanWest branch at 921 Hildebrand Lane won’t be entirely complete until the transaction has passed regulatory approval. Bank officials expect the purchase to be final by the end of the third quarter this year.

Until then, the island location will continue to operate as AmercanWest Bank. After the transaction is complete, it will officially take on the HomeStreet name.

The island location is one of two branches that HomeStreet has purchased. The other branch is located on Alaska Street in West Seattle. The two branches collectively hold $36.5 million in deposits. HomeStreet also takes on $2.15 million in loans through the two branches.

“These are both very good locations for us and expedite the process of increasing the density of our retail deposit branch network in our core market area without the time and expense of de novo branches,” said Mark K. Mason, HomeStreet Bank president, CEO and chairman.

“We are working closely with our colleagues at AmericanWest Bank to create a smooth transition for the customers and employees of these two branches,” he said.

HomeStreet is a 90-year-old lending company that has roots in Seattle. Today it operates branches throughout the Northwest and Hawaii, including 19 branches in the Puget Sound region — including its two new locations — and 25 across Washington state.

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