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P.M. Briefing : Great Western to Sell Spokane Units

July 03, 1989|From Times wire services

Great Western Financial Corp. of Beverly Hills said today that its Great Western Bank of Bellevue, Wash., signed a preliminary agreement under which it will sell its six Spokane retail banking branches to Washington Trust Bank of Spokane. Terms were not disclosed.

The acquisition would add Great Western's Spokane deposit base of $140 million to Washington Trust Bank deposits, currently at $410 million, and result in Washington Trust having the largest network of banking offices in the Spokane area, Washington Trust said.

Great Western said it plans to open additional branches in the Seattle area and concentrate future retail banking growth in western Washington.

The transaction is subject to regulatory approvals.

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