Klamath Falls was on the verge of not having a community bank -
Monday - The Bank of the Cascades announced they would buy the AmericanWest branches associated with Klamath Falls. BOC President and CEO Terry Zink says community banks are a big part of any local economy- and they hope to make a noticeable difference in Klamath Falls.
"One of the things I believe strongly in is that there needs to be an alternative for people to the really big banks - and community banking is really built for these more rural markets where you are really involved in the local community - you're part of what's going on....and it really matters what happens there- where with some of the bigger banks- they just have a branch there and they don't really have roots in the communities."
The deal would also impact some customers in the Bend and Redmond area. BOC would assume the AmericanWest customers, deposits and some loans of its Bend and Redmond branches. The deal is pending approval by regulators and is expected to close in the fourth quarter of this year.
Each of the three branches were PremierWest Bank branches prior to acquisition by AmericanWest Bank earlier this year.