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FOR RELEASE JULY 5, 2000
FOR MORE INFORMATION CONTACT:
Patrick M. Fahey, President and CEO - 206-340-4727
INTERWEST BANK COMPLETES CHARTER CONVERSION TO A
COMMERCIAL BANK
OAK HARBOR, WA. -- JULY 5, 2000 -- (Nasdaq: IWBK) InterWest Bancorp, Inc.
(InterWest), has merged its banking affiliates, InterWest Bank, Pacific
Northwest Bank and The Bank of Tukwila, into a single commercial bank effective
with the opening of business on July 1, 2000. As part of this consolidation
process, InterWest Bank has converted its charter from a Washington state
savings bank to a Washington state commercial bank.
"We are excited to have completed this important step in the process of becoming
the premier commercial bank headquartered in the Pacific Northwest," said
Patrick M. Fahey, President and Chief Executive Officer. "We have in place an
organizational structure that has been very successful in regional commercial
banking. We will now focus our efforts on implementing an enhanced operating
system for the entire organization that will provide a superior common product
set to our customers," Fahey added.
"The consolidation of the subsidiary banks and the implementation of our new
operating system should improve operating efficiencies and overall financial
results," Fahey concluded.
All locations of the three banks have become financial centers of InterWest
Bank. Financial centers of former institutions will continue to do business
under current names until the conversion of operating systems is completed.
This press release includes certain "forward looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA").
This statement is included for the express purpose of availing InterWest Bancorp
of the protections of the safe harbor provision of the PSLRA. Management's
ability to predict results or the effect of future plans is inherently
uncertain, and is subject to factors that may cause actual results to differ
materially from those projected. Factors that could affect the actual results
include the ability of Bancorp to effectively implement the consolidation plans,
particularly within the timeframe anticipated.
InterWest Bancorp, Inc. is a Pacific Northwest commercial bank holding company,
operating 55 financial centers in Washington state. InterWest Bank also operates
two non-bank subsidiaries, InterWest Financial Services Inc. and InterWest
Insurance Agency Inc.
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