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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 15, 1998
INTERWEST BANCORP, INC.
(Exact name of registrant as specified in its charter)
WASHINGTON
(State or other jurisdiction of incorporation)
0-26632 91-1691216
(Commission File Number) IRS Employer Identification No.
275 S.E. Pioneer Way
Oak Harbor, WA 98227
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (360) 679-4181
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
Effective June 15, 1998, InterWest Bancorp, Inc., Oak Harbor, Washington
("InterWest") completed its pending acquisition of Pacific Northwest Bank,
Seattle, Washington ("Pacific"). The Acquisition was accomplished pursuant to
an Amended and Restated Agreement and Plan of Merger dated as of January 15,
1998 (the "Pacific Agreement").
In addition, effective June 16, 1998, InterWest completed its pending
merger with Pioneer Bancorp, Inc. ("Pioneer"), resulting in its wholly owned
subsidiary, Pioneer National Bank, Yakima, Washington, becoming a wholly
owned subsidiary of InterWest. The Merger was accomplished pursuant to an
Agreement and Plan of Merger dated as of February 4, 1998 (the "Pioneer
Agreement"). The Pacific Agreement and the Pioneer Agreement were included as
Appendix A and Appendix B, respectively, to the Joint Proxy
Statement/Prospectus dated April 27, 1998, previously filed by InterWest as
part of its Registration Statement on Form S-4 with the Securities and
Exchange Commission.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA, FINANCIAL INFORMATION, AND EXHIBITS
(a) Financial Statements -- The requisite historical financial information
will be filed as soon as available, but no later than 60 days after
this Report was required to be filed.
(b) Pro forma Financial Information -- The requisite pro forma financial
information will be filed as soon as available, but no later than 60
days after this Report was required to be filed.
(c) EXHIBITS.
(99.1) Press Release dated June 15, 1998 issued by InterWest to
announce the completion of the Acquisition of Pacific.
(99.1) Press Release dated June 16, 1998 issued by InterWest to
announce the completion of the Merger with Pioneer.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: June 15, 1998
INTERWEST BANCORP, INC.
By /s/ Stephen M. Walden
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Stephen M. Walden
President and Chief Executive Officer
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6/15/98
InterWest Bancorp, Inc. Completes Merger With Pacific Northwest Bank
Oak Harbor, WA -- June 15, 1998 -- InterWest Bancorp, Inc., (NASDAQ: IWBK) today
announced that its merger transaction with Pacific Northwest Bank has been
completed with an effective date of June 15, 1998.
Pacific Northwest Bank, headquartered in Seattle, Washington will remain a
separate entity under the InterWest Bancorp, Inc. holding company, whose
banking subsidiaries include InterWest Bank and First National Bank of Port
Orchard. Patrick M. Fahey will join InterWest Bancorp's Board of Directors
and be appointed Vice Chairman, Commercial Banking for the holding company.
Pacific Northwest Bank is a leading financial services provider specializing
in meeting the needs of professionals and small-to-medium size businesses
through its four offices located in Seattle, Bellevue, Kent and Lynnwood,
Washington. The combined operation will have assets exceeding $2.3 billion
and will have 46 offices located in 13 counties throughout Western and
Central Washington.
Under the terms of the agreement, each outstanding share of Pacific Northwest
Bank common stock will be automatically converted into shares of InterWest
Bancorp, Inc. common stock. The merger will be accounted for as a pooling of
interests by InterWest under generally accepted accounting principles.
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6/16/98
InterWest Bancorp, Inc. Completes Merger With Pioneer Bancorp
Oak Harbor, WA -- June 16, 1998 -- InterWest Bancorp, Inc., (NASDAQ: IWBK)
today announced that its merger transaction with Pioneer Bancorp of Yakima,
Washington has been completed with an effective date of June 16, 1998.
Pioneer Bancorp's subsidiary, Pioneer National Bank, will remain a separate
entity under the InterWest Bancorp, Inc. holding company. The holding
company's banking subsidiaries include: InterWest Bank, First National Bank
of Port Orchard and Pacific Northwest Bank. Pioneer National Bank, an SBA
preferred lender, maintains a strong commitment to commercial and residential
lending, as well as community banking. Pioneer National Bank operates four
offices in Yakima County and one in Benton County. The combined operation
will have assets exceeding $2.4 billion and will have 51 offices located in
15 counties throughout Western and Central Washington.
Under the terms of the agreement, each outstanding share of Pioneer Bancorp
common stock will be automatically converted into shares of InterWest
Bancorp, Inc. common stock. The merger will be accounted for as a pooling of
interests by InterWest under generally accepted accounting principles.
