Glacier Bancorp, Inc. Announces Acquisition of Treasure State Bank in Missoula, Montana
April 20 2016 - 7:15PM
Glacier Bancorp, Inc. (NASDAQ:GBCI) today announced the signing of
a definitive agreement to acquire Treasure State Bank (OTC
Pink:TRSU), a community bank based in Missoula, Montana. The
acquisition marks Glacier’s 18th acquisition since 2000 and its
sixth announced transaction in the past three years. Treasure State
Bank provides banking services to individuals and businesses in the
greater Missoula market. As of December 31, 2015, Treasure State
Bank had total assets of $71 million, gross loans of $53 million
and total deposits of $58 million.
The boards of Glacier and Treasure State Bank unanimously
approved the transaction, which is subject to regulatory approval
and other customary conditions of closing. The transaction provides
for the payment to Treasure State Bank shareholders of a unit
consisting of $1.9570 per share in cash and 0.2030 shares of
Glacier common stock. Based on the closing price of $26.50 for
Glacier shares on April 20, 2016, the transaction would result in
an aggregate value of $12.9 million, or $7.34 per fully diluted
Treasure State Bank common share. As of December 31, 2015, Treasure
State Bank had tangible equity of $9.5 million. Upon closing of the
transaction, which is anticipated to take place in the third
quarter of 2016, the branch of Treasure State Bank will be merged
into Glacier Bank and become part of the First Security Bank
banking division.
"We are delighted to be adding Treasure State Bank to the
Glacier family of banks,” stated Mick Blodnick, Glacier's President
and Chief Executive Officer. “This is an exciting opportunity to
expand our presence in Missoula by adding some very seasoned and
knowledgeable bankers." Blodnick added, "Treasure State Bank will
be a really nice fit with our existing First Security Bank banking
division. They also bring an outstanding branch office, solid
earnings, strong customer relationships, and a solid core deposit
base." Blodnick also noted that the transaction will be immediately
accretive to Glacier's earnings per share.
Jim Salisbury, Chairman, President and CEO of Treasure State
Bank, commented, “We are excited to become part of the Glacier
family of banks. I am pleased to say that Glacier values our
employees as much as we do, so our valued customers will see no
change in the individual who will greet and service them with their
banking needs. In addition, this partnership gives our customers
access to Glacier ATMs and banking facilities throughout Missoula
and the region. With approximately 70% of the transaction in the
form of Glacier stock, our shareholders will be accepting shares in
one of the best banks in the country that has a long proven record
of performance, shareholder return, dividend payments and excellent
market liquidity.”
Glacier management will review additional information regarding
the transaction in a conference call beginning at 9 a.m. Mountain
Time on Thursday, April 21, 2016. The call may be accessed by
dialing (877) 561-2748 and the conference ID is 80890808. A slide
presentation to accompany management’s commentary may be accessed
from Glacier’s April 21, 2016 8-K filing with the SEC or at
http://www.snl.com/IRWebLinkX/presentations.aspx?iid=1023792.
Glacier was advised in the transaction by Miller Nash Graham
& Dunn LLP as legal counsel. Treasure State Bank was advised by
D.A. Davidson & Co., as financial advisor, and Bjornson Law
Offices, PLLC, as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company
providing commercial banking services in 88 communities in Montana,
Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp,
Inc. is headquartered in Kalispell, Montana, and is the parent
company for Glacier Bank, Kalispell and Bank divisions First
Security Bank of Missoula; Valley Bank of Helena; Big Sky Western
Bank, Bozeman; Western Security Bank, Billings; and First Bank of
Montana, Lewistown, all operating in Montana; as well as Mountain
West Bank, Coeur d'Alene, operating in Idaho, Utah and Washington;
Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank,
Evanston, operating in Wyoming and Utah; First Bank of Wyoming,
Powell, and First State Bank, Wheatland, each operating in Wyoming;
North Cascades Bank, Chelan, operating in Washington; and Bank of
the San Juans, Durango, operating in Colorado.
Visit Glacier’s website at http://www.glacierbancorp.com
Forward-Looking Statements
This news release includes forward-looking
statements, which describe management's expectations regarding
future events and developments such as the benefits of the business
combination transaction involving Glacier and Treasure State Bank,
continued success of the Glacier’s style of banking and the
strength of the local economies in which it operates. Future events
are difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual
results to differ materially and adversely. In addition to
discussions about risks and uncertainties set forth from time to
time in the Glacier’s public filings, factors that may cause actual
results to differ materially from those contemplated by such
forward looking statements include, among others, the following
possibilities: (1) local, national and international economic
conditions are less favorable than expected or have a more direct
and pronounced effect on Glacier than expected and adversely affect
Glacier’s ability to continue its internal growth at historical
rates and maintain the quality of its earning assets; (2) projected
business increases following strategic expansion or opening or
acquiring new banks and/or branches are lower than expected; (3)
costs or difficulties related to the integration of acquisitions
are greater than expected; or (4) legislation or regulatory
requirements or changes adversely affect the businesses in which
Glacier is engaged.
Contact: Michael J. Blodnick
(406) 751-4701
Glacier Bancorp (NASDAQ:GBCI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Glacier Bancorp (NASDAQ:GBCI)
Historical Stock Chart
From Apr 2023 to Apr 2024