Kalispell, Montana-based Glacier Bancorp is set to acquire Bank of Idaho Holding Co. in an all-stock deal worth roughly $245.4 million, the banks announced Monday.
The transaction, expected to close in the second quarter, will boost Glacier’s footprint with 15 added locations under three subsidiaries. Seven in eastern Idaho will join Citizens Community Bank. Three in southwestern Idaho will join Mountain West Bank. And five locations in eastern Washington will join Wheatland Bank, according to a release on Bank of Idaho’s website.
“This is a unique opportunity to find a bank that not only fits strategically within our existing footprint but will also meaningfully expand our presence in strong core growth markets,” Glacier CEO Randy Chesler said in a statement, highlighting Idaho as among the fastest-growing states in the U.S.
Acquiring Idaho Falls-based Bank of Idaho would bolster $28.2 billion-asset Glacier with $1.3 billion in assets, $1 billion in loans and $1.1 billion in deposits.
“Bank of Idaho is a true community bank, and we are pleased to find a partner that shares the same vision, values and relationship banking model that has been core to our success over the years,” Jeff Newgard, Bank of Idaho’s CEO, said in a prepared statement.
Not included in the sale is Bank of Idaho’s wealth management business, which was sold last week to Idaho Trust Co. of Boise.
Under the deal, Bank of Idaho shareholders will receive 1.1 shares of Glacier stock, or a $52.47 value per share, for each BOID share they own. Based on Glacier’s closing price of $47.70 from Friday, that amounts to roughly $245.4 million.
The combination will mark the Glacier’s 26th acquisition since 2000 and 12th in the past decade. Its most recent acquisition, of six branches of HTLF Bank in Montana, closed in August.
“This acquisition continues our long history of consistently adding high quality community banks to our proven banking model and we are enthusiastic about the future growth opportunities this acquisition will provide,” Chesler said.
The boards of both banks approved the deal, which awaits regulatory approval and a Bank of Idaho shareholder vote.
With the deal, Bank of Idaho customers will be able to access “a wider range of products and services, plus higher lending limits,” but with the same “personal touch and local commitment” they experience now, according to an FAQ on the bank’s website.
