Eagle Bancorp Montana, the parent of Opportunity Bank of Montana, has agreed to buy Montana’s Western Holding Company of Wolf Point along with its subsidiary Western Bank of Wolf Point in a cash-stock deal worth around $13m.
At present, Western has one branch in Wolf Point.
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The transaction adds $100m in assets to Opportunity Bank’s books.
The acquisition will also increase its branch count to 22.
As per the agreed terms, Western Holding Company of Wolf Point shareholders will be entitled to get an aggregate of 395,859 shares of Eagle common stock as well as a cash payment of $6.5m.
The deal already secured the green light from the companies’ boards.
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By GlobalDataIt is now pending shareholder and regulatory approvals. Deal closure is anticipated in the fourth quarter of this year.
Eagle president and CEO Peter Johnson said: “This transaction presents a great opportunity for Eagle to expand our presence in the north eastern portion of the state.
“The combination provides the ability to create revenue and cost synergies while offering Western customers a broader product offering, increased lending limits, and an expanded branch delivery system that stretches throughout the state of Montana.”
Western Holding Company of Wolf Point president Duane Kurokawa will spearhead the new branch initiatives in northeastern Montana post deal completion.
