Glacier Bancorp, parent of Glacier Bank, has agreed to acquire Colorado-based Columbine Capital, parent of Collegiate Peaks Bank, in a deal valued at $73.9m.
Collegiate Peaks Bank offers banking services to businesses and individuals in Colorado’s Mountain and Front Range communities from offices in Aurora, Buena Vista, Denver and Salida. The firm managed total assets of $469m, gross loans of $331m and total deposits of $401m at the end of March 2017.
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Under the arrangement, Collegiate Peaks Bank will be merged into Glacier Bank and operate as a separate banking unit retaining its existing name and team.
As per the agreed terms of the deal, shareholders of Columbine will receive $15.7m in cash and 1,717,229 shares of Glacier common stock
The deal has already secured the go-ahead from the boards of both the companies. The transaction is expected to close in the first quarter of 2018, subject to shareholder and regulatory approvals.
Glacier president and CEO Randy Chesler said: “We strongly believe in the prospects of the Colorado market and Collegiate Peaks is a great partner to further expand our presence in the Mountains and along the Front Range.”
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