Cleary Gottlieb represented Banner Corporation, in connection with its acquisition of Starbuck Bancshares for a combination of cash and stock. Starbuck Bancshares is the bank holding company for AmericanWest Bank, which operates branches in California, Washington, Idaho, Oregon and Utah. The deal was signed on November 5, 2014 and closed on October 1, 2015.
The transaction, valued at approximately $760 million, creates a super community bank with over $9.9 billion in assets and 203 branches across five western states.