SPOKANE, Wash., Aug. 31, 2015 (GLOBE NEWSWIRE) -- Northwest Bancorporation, Inc. (OTC Pink:NBCT) (the "Company"), the holding company of Inland Northwest Bank ("INB" or the "Bank"), announced today that it has closed on the sale of $20.0 million of the Company's common stock by issuing 2,162,162 shares to accredited investors at a purchase price of $9.25 per share (the "Transaction"). The Company plans to deploy the net proceeds from the Transaction to complete the proposed acquisition of Fairfield Financial Holdings Corp., which was announced on June 23, 2015 and for general working capital purposes.
"This was a highly successful offering for the Company and was oversubscribed," said Randall Fewel, President & CEO of Northwest Bancorporation, Inc. "The completion of this offering is a key step in our strategic growth initiative to build the premier community banking franchise in our region."
The common stock offering included meaningful participation from insiders and existing shareholders, including Harlan D. Douglass, a member of the Company's board of directors, as well as investors which previously did not own Company stock, including Castle Creek Capital and Concentric Equity Partners.
D.A. Davidson & Co. served as the lead placement agent for the Company and Wedbush Securities, Inc. served as co-placement agent. Lane Powell PC served as legal counsel for the placement agents. Witherspoon Kelley served as legal counsel to the Company in connection with the Transaction.
The Company's securities were offered and sold without registration and only to accredited investors pursuant to Rule 506(b) of Regulation D and Section 4(2) of the Securities Act of 1933, as amended. The Company conducted the capital offering without the services of an underwriter.
About Northwest Bancorporation, Inc.
Northwest Bancorporation, Inc. is the parent company of Inland Northwest Bank, a state-chartered community bank which operates seven branches in Spokane County, Washington, and four branches in Kootenai County, Idaho. INB specializes in meeting the financial needs of individuals and small to medium-sized businesses, including professional corporations, by providing a full line of commercial, retail, mortgage and private banking products and services. More information about INB can be found on its website at www.inb.com.
Certain statements in this press release may constitute "forward-looking statements." Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "target," "projects," "outlook," "forecast," "will," "may," "could," "should," "can" and similar references to future periods. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These include but are not limited to: the businesses of the Company and Fairfield Financial Holdings Corp. may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the expected growth opportunities or cost savings from the merger may not be fully realized or may take longer to realize than expected; operating costs, customer losses and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; the shareholders of Fairfield may fail to approve the merger; the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company's loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company's loan and other products; unforeseen increases in costs and expenses; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Randall L. Fewel, President and CEO Holly Poquette, Chief Financial Officer 509.456.8888 firstname.lastname@example.org
Source:Northwest Bancorporation, Inc.