Answering AWB Customer Questions
Our Merger with Viking Bank
Why is AmericanWest Bank merging Viking Bank?
AmericanWest Bank is committed to establishing a presence in the Western Washington market. Viking Bank is an exceptional bank with exceptional people who understand what it means to be a community bank—to consistently deliver outstanding customer service, to work as a team toward a common goal, and to give something back to the community through hands-on involvement. We share a common set of values that drive our business practices, and our partnership will provide benefits for customers, employees, and communities. Merging Viking Bank will significantly further our growth goals and move us toward becoming a high-performing, business-focused community bank.
When will the merger take place?
Pending shareholder and regulatory approval, management expects the merger to be complete before year-end.
Will Viking Bank's name change?
Yes, as one unified bank, we will all be AmericanWest Bank.
Who is Viking Bank?
Viking Bank is headquartered in Seattle, WA, and operates seven full-service offices throughout the Puget Sound area. They are a community bank that offers a wide range of business and personal products.
Does this mean you are going to be a "big bank"?
No. Personalized customer service and one-on-one interaction are at the foundation of AmericanWest Bank. We provide a professional environment in which customers can take care of their banking and financial needs with responsive and reliable personal bankers who know them by name and will go the extra mile to provide the best service available. As we grow, we work even harder to improve the level of service our customers deserve and expect from us. Our dedication to providing the best customer service and our support for our local communities has fueled our success and growth. No matter how much we grow, we will always be a community bank.
How can AmericanWest be buying other banks so soon after having issues of its own?
In December 2010, AmericanWest Bank was purchased by SKBHC Holdings, LLC, who promptly invested $185 million in capital into the Bank, returning it to well-capitalized status. As part of the bank’s strategy, we look forward to expanding into other areas that have high potential for growth.
Will FDIC coverage of my accounts change?
There will be no changes to FDIC insurance now or after the merger is complete. Your accounts continue to be covered by the standard maximum deposit insurance amount of at least $250,000 per depositor.
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31st 2010, through December 31st 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest - including Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts.