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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):
February 9, 2000
INTERWEST BANCORP, INC.
(Exact name of registrant as specified in its charter)
WASHINGTON
(State or other jurisdiction of incorporation)
0-26632 91-1691216
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(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 5 - OTHER EVENTS
InterWest Bancorp ("InterWest") and Liberty Bay Financial Corporation
("Liberty") jointly announced today their agreement to terminate their
planned merger due to divestiture issues raised by regulators. The companies
had planned to incorporate Liberty and its subsidiary, North Sound Bank into
InterWest and its subsidiary, InterWest Bank, but believe conditions proposed
by regulators would be detrimental to their customers.
Regulators advised last week that at least one branch office in an
Olympic Peninsula market area would have to be divested of loans, deposits
and facility to another financial institution. InterWest and Liberty Bay each
presently serve the market with eight branches.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements - not applicable.
(b) Pro forma financial information - not applicable.
(c) Exhibits:
99 Press Release issued jointly by InterWest and Liberty Bay
Financial Corporation, dated February 9, 2000
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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: February 9, 2000
INTERWEST BANCORP, INC.
By /s/ H. Glenn Mouw
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H. Glenn Mouw
Executive Vice President
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EXHIBIT 99
FOR RELEASE AT 6:00 A.M. EST - FEBRUARY 9, 2000
FOR FURTHER INFORMATION, CONTACT:
Stephen M. Walden, President and Chief Executive Officer, InterWest Bancorp -
(360) 679-4181
Michael J. Clementz, Chairman, Liberty Bay Financial Corporation - (360)
598-8003
INTERWEST BANCORP AND LIBERTY BAY FINANCIAL CORPORATION
AGREE TO TERMINATE MERGER AGREEMENT
OAK HARBOR, WASH. - FEBRUARY 9, 2000 - InterWest Bancorp (InterWest) and
Liberty Bay Financial Corporation (Liberty) jointly announced today their
agreement to terminate their planned merger due to divestiture issues raised
by regulators. The companies had planned to incorporate Liberty and its
subsidiary, North Sound Bank into InterWest and its subsidiary, InterWest
Bank, but believe conditions proposed by regulators would be detrimental to
their customers.
Regulators advised last week that at least one branch office in an Olympic
Peninsula market area would have to be divested of loans, deposits and
facility to another financial institution. InterWest and Liberty Bay each
presently serve the market with eight branches.
"The restrictions proposed for approval of this transaction were more onerous
than we originally expected and limited our ability to serve the market as we
planned", stated Steve Walden, President and CEO of InterWest.
Mike Clementz, Chairman of Liberty Bay, said, "We felt it would be
detrimental to our customers and employees to divest or close one of our
branches. We too have worked very hard to develop and serve our customers in
all our trade areas."
InterWest Bancorp conducts its financial service business through the 56
branch offices of its banking subsidiaries: InterWest Bank, Pacific Northwest
Bank, and National Bank of Tukwila. A full range of non-traditional
financial products are available through InterWest Financial Services Inc.
and insurance products are provided through InterWest Insurance Agency, Inc.,
which are subsidiaries of InterWest Bank. Liberty Bay Financial Corporation,
and its sole banking subsidiary, North Sound Bank, operates eight branches in
Kitsap, Jefferson and Clallam Counties of Washington state.
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