Welcome!

Microsoft Cloud Authors: Pat Romanski, Liz McMillan, Lori MacVittie, Elizabeth White, Yeshim Deniz

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.

IoT & Smart Cities Stories
The challenges of aggregating data from consumer-oriented devices, such as wearable technologies and smart thermostats, are fairly well-understood. However, there are a new set of challenges for IoT devices that generate megabytes or gigabytes of data per second. Certainly, the infrastructure will have to change, as those volumes of data will likely overwhelm the available bandwidth for aggregating the data into a central repository. Ochandarena discusses a whole new way to think about your next...
The hierarchical architecture that distributes "compute" within the network specially at the edge can enable new services by harnessing emerging technologies. But Edge-Compute comes at increased cost that needs to be managed and potentially augmented by creative architecture solutions as there will always a catching-up with the capacity demands. Processing power in smartphones has enhanced YoY and there is increasingly spare compute capacity that can be potentially pooled. Uber has successfully ...
Chris Matthieu is the President & CEO of Computes, inc. He brings 30 years of experience in development and launches of disruptive technologies to create new market opportunities as well as enhance enterprise product portfolios with emerging technologies. His most recent venture was Octoblu, a cross-protocol Internet of Things (IoT) mesh network platform, acquired by Citrix. Prior to co-founding Octoblu, Chris was founder of Nodester, an open-source Node.JS PaaS which was acquired by AppFog and ...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
If a machine can invent, does this mean the end of the patent system as we know it? The patent system, both in the US and Europe, allows companies to protect their inventions and helps foster innovation. However, Artificial Intelligence (AI) could be set to disrupt the patent system as we know it. This talk will examine how AI may change the patent landscape in the years to come. Furthermore, ways in which companies can best protect their AI related inventions will be examined from both a US and...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...