Welcome!

News Feed Item

Sunwest Bank Acquires Assets and Deposits From FDIC as Receiver for Westside Community Bank in Washington

PUYALLUP, WA -- (Marketwire) -- 01/11/13 -- On January 11, 2013, Westside Community Bank was closed by the Washington State Department of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was then named Receiver. Subsequent to the closure, Sunwest Bank, (OTCQB: SWBC) headquartered in Irvine, CA acquired substantially all of the deposits and assets of Westside Community Bank from the FDIC as Receiver for Westside Community Bank.

The former Westside Community Bank will reopen Monday, January 14th as part of Sunwest Bank. Representatives from Sunwest Bank will be available at former Westside Community Bank branches to answer questions from current and prospective clients. Existing Westside clients will be able to conduct business as usual, as their money will be available through checks, ATM and debit cards. Loan clients should continue to make their payments to former Westside Community Bank offices.

"We are pleased with the opportunity to partner with the businesses and residents of Washington and for Sunwest Bank to become part of the community," said Chris Walsh, President and Chief Executive Officer of Sunwest Bank. "Sunwest Bank is a strong and well-capitalized community bank. Our new clients can be confident their deposits are in a stable bank with more than 43 years of experience and we look forward to serving their banking needs going forward."

Despite the competitive marketplace, Sunwest Bank continues to thrive. Sunwest Bank's net income for the nine-month period ending September 30, 2012 was over $5 million and their Tier 1 Risk Based Capital ratio was more than double the amount required by the FDIC to be considered well capitalized at 15.81%. Maintaining a strong capital position and growing deposit base, Sunwest Bank is able to provide the funding needed to actively lend to their local communities.

"Sunwest has never wavered from its core values, enabling the Bank to focus on what matters most -- our clients and our communities," Walsh explained. "While other banks are focused elsewhere, Sunwest Bank is still lending to entrepreneurs, attracting depositors, and exploring additional acquisition opportunities."

"With a number of larger banks in the area, local residents will be comforted by the fact that Sunwest is a true community bank, providing personal service and experienced loan officers that listen and understand businesses, complemented by a practical approach to lending," said Walsh. "We are pleased to welcome former Westside clients as our new clients."

Named a "Best Performer" in American Banker magazine's May 2012 issue, Sunwest Bank was ranked fourth out of the 200 top community banks and thrifts nationwide, as ranked by a three-year average return on equity. Sunwest Bank has banking offices in Tustin, Anaheim, Irvine, Laguna Hills, San Clemente and Encinitas, California. In addition, the bank has branches in Flagstaff and Cottonwood, Arizona. The bank specializes in meeting the credit and cash management needs of small and mid-size businesses. Visit www.sunwestbank.com or call (800) 330-9890 to learn more.

Contact:
Nicole Smith
(714) 730-4491
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...