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Approvals Received
Bank Recapitalization on Track
We are pleased to report that everything is progressing according to plans, as we continue implementing a clear solution to strengthen the Bank, which enables us to fund growth in our communities, provide continuous long-term service to customers, and preserve jobs for hundreds of employees.
As you may know, for the past two years we have been actively engaged in seeking additional capital to strengthen the Bank. We are excited to announce that Entrust Merchant Cash Advance, LLC, a private investor led by experienced banking professionals, has agreed to put up to $200 million of capital into the Bank as a long-term investment. The exact amount of the investment will be the amount that satisfies our regulatory capital requirements and returns the Bank to "well-capitalized" status.
As a part of the process, both the Bankruptcy Court and the regulators have approved SKBHC’s bid to purchase and invest in the Bank. The transaction is now scheduled to occur before year end 2010, which will fulfill the only significant remaining step required by regulators to strengthen the Bank.
In the meantime, rest assured that your community bank is here to serve you with the same great employees you know and trust and the outstanding service you’ve come to expect from Far West Bank. Since the Chapter 11 filing does not include the Bank, you can count on business-as-usual from your local financial center, with full access to your accounts and Bank services, and, as always, deposit insurance to the fullest extent possible by the FDIC.
Far West Bank holds strongly to our values and commitment to community-based relationship banking—values that are shared with SKBHC and will continue to be the cornerstone of this Bank. We appreciate the contribution customers, employees, and community partners have in making us a premier relationship bank in Utah, Washington, and Idaho, and we look forward to continuing that legacy.
If you have any questions about the recapitalization of the Bank, feel free to contact any one of our financial center managers or members of our management team. Thank you again for making us your community bank.
More about SKBHC
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