Bank of Fairfield merger

Change of ownership for another Colfax bank was reported in the works June 25 when Inland Northwest Bank announced an agreement to acquire the Bank of Fairfield. The Colfax branch is one of seven Bank of Fairfield branches involved in the merger. Other branches area at Fairfield, Rosalia, Oakesdale, Spangle and Spokane.

Both bank boards have to approve the transaction which is expected to close in the fourth quarter. The deal is subject to approval by Bank of Fairfield shareholders and bank regulators.

According to the report by Northwest Bancorporation, Inc., holding company for INB, they have agreed to purchase Bank of Fairfield for a cash consideration of approximately $20.75 million. Holding company for the Bank of Fairfield is Fairfield Financial Holdings Corp.

As of the first quarter, Bank of Fairfield had $151.l6 million in total assets with $103.1 million in gross loans and $134 million in deposits.