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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):
April 17, 2000
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 5. OTHER EVENTS
On April 17, 2000 Patrick M. Fahey was appointed to the positions of
President and Chief Executive Officer of InterWest Bancorp, Inc. ("Company") and
Chairman, President and Chief Executive Officer of InterWest Bank. Mr. Fahey
will also continue as Chairman, President and Chief Executive Officer of the
Company's Seattle-based subsidiary, Pacific Northwest Bank. In addition, Barney
Beeksma stepped down from his positions as Chairman of the Company and InterWest
Bank, but will continue as a director of each. Stephen M. Walden, who served as
the President and Chief Executive Officer of the Company and InterWest Bank, has
been appointed Chairman of the Board of the Company and will continue to serve
as a director of InterWest Bank and Pacific Northwest Bank.
The Company is a Northwest community bank holding company, operating 55
offices in Washington through its bank subsidiaries InterWest Bank, Pacific
Northwest Bank and National Bank of Tukwila. InterWest Bank also operates two
non-bank subsidiaries, InterWest Financial Services Inc. and InterWest Insurance
Agency Inc.
ITEM 7 - FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements - not applicable.
(b) Pro forma financial information - not applicable.
(c) Exhibits:
(99) Press Release dated April 17, 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: April 19, 2000
INTERWEST BANCORP, INC.
By /s/ H. Glenn Mouw
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H. Glenn Mouw
Chief Financial Officer
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EXHIBIT 99:
FOR MORE INFORMATION CONTACT:
Patrick M. Fahey, President and Chief Executive Officer
InterWest Bancorp, Inc. and InterWest Bank - (206) 340-4727
Joe Sexton, Corporate Relations -- (360) 279-4654
PATRICK M. FAHEY APPOINTED PRESIDENT AND CHIEF EXECUTIVE OFFICER
OF INTERWEST BANCORP. INC. AND INTERWEST BANK
OAK HARBOR, WA - APRIL 18, 2000 - (Nasdaq: IWBK) -- At its April 17, 2000
meeting, the Board of Directors of InterWest Bancorp, Inc., appointed Patrick M.
Fahey to the positions of President and Chief Executive Officer of InterWest
Bancorp, Inc., (the "Company") and Chairman, President and Chief Executive
Officer of InterWest Bank (the "Bank"). Fahey will also continue as Chairman,
President and Chief Executive Officer of Seattle-based subsidiary Pacific
Northwest Bank, a commercial bank that he founded in 1988, and which was
acquired by the Company in 1998.
The Company today announced that Barney Beeksma has stepped down as Chairman of
the Board of the Company and the Bank, and will continue as a director of both.
Steve Walden, who has served as President and CEO of the Company and the Bank
since 1990, has been appointed Chairman of the Board of the Company, and will
continue to serve the company as a director in a non-executive capacity.
Mr. Beeksma joined the Bank in 1960 as President and CEO, and is widely
recognized in the industry for leading it from a small savings institution on
Whidbey Island to a regional financial institution with 55 branches throughout
Washington State. In the last four years, the Company has acquired seven
commercial banks and aggressively expanded into new markets. Mr. Beeksma has
served as President of the U.S. Savings League, and has been actively involved
in community service, including a term as a state legislator.
Mr. Walden joined InterWest in 1966 as a loan officer, and rose through the
Company to become President and CEO in 1990. He has been responsible for
implementing the Company's strategic plan, begun in 1991, when the Company
conducted an initial public offering and set a course to transition to a
commercial bank and a regional financial services company. He has gradually been
turning over the reins of the company to other senior executives with a view
toward spending more time with family and personal interests. Mr. Walden also
serves as a director of the Federal Home Loan Bank of Seattle.
Mr. Fahey began his career in banking in 1967 as a management trainee at
Seafirst Bank (now Bank of America), following service as a U.S Army Infantry
Officer. After varied assignments in banking operations, human resources and
public affairs, he left his position as a Senior Vice President of Seafirst in
1981 to join Old National Bank, and became President in 1983. In 1987, in
conjunction with a founding board of community leaders in the Seattle/Bellevue
area and a core of local banking veterans, he began the formation of Pacific
Northwest Bank, which opened
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in late 1988. The strategy was to provide a local alternative to the
out-of-state headquartered banks which were a result of the rapid consolidation
in the financial services industry. The bank grew dramatically, and eventually
was acquired by the Company in 1998.
Fahey, age 57, who had earlier planned to retire on July 1st, 2000, has agreed
to accept the invitation and the challenge to continue the evolution of the
Company. "We have a unique opportunity to create something that has not existed
for the last ten or more years," Fahey said. "We intend to be a locally
headquartered full service commercial bank in the spirit of Rainier, Peoples,
Old National Bank and others of a bygone era. While utilizing the state-of the
art technology that InterWest and Pacific Northwest Bank have developed,
customers are able to develop a relationship with a seasoned banker who has the
ability to make decisions and get things done without checking with some unknown
person in a different time zone," Fahey added.
With the current activity underway to consolidate the operating systems of
InterWest and its commercial bank subsidiaries, Fahey indicated his belief that
the company is well positioned to capitalize on a niche in the financial
services market in the Pacific Northwest that is waiting to be filled.
As of the current date, InterWest Bancorp conducts its financial service
business through the 55 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.
In this document, InterWest has included certain "forward looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. This
statement is for the express purpose of availing InterWest of the protections of
such safe harbor with respect to all "forward looking statements". InterWest has
used "forward looking statements" to describe future plans and strategies
including expectations of InterWest's future financial results. Management's
ability to predict results or the effect of future plans and strategy is
inherently uncertain. Factors that could effect results include interest rate
trends, the general economic climate in Washington state and the country as a
whole, loan delinquency rates, and changes in federal and state regulation.
These factors should be considered in evaluating the "forward looking
statements" and undue reliance should not be placed on such statements.
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