Montana-based Glacier Bancorp has struck an all-stock deal worth around $245.4m to acquire Bank of Idaho Holding, the parent of Bank of Idaho.
The deal is slated for completion in the second quarter of this year, contingent on regulatory and shareholder approvals.
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As of 30 September 2024, Bank of Idaho reported total assets of $1.3bn, total loans of $1bn, and total deposits of $1.1bn.
This move is set to expand Glacier’s footprint, integrating Idaho Falls-headquartered Bank of Idaho branches with its three existing divisions.
The acquisition will see seven Bank of Idaho branches in eastern Idaho, including Ashton, Idaho Falls, Idaho Falls Mortgage, Island Park, Pocatello, Pocatello Mortgage, and St. Anthony, join Citizens Community Bank.
In the Treasure Valley region, branches in Boise, Nampa, and Twin Falls Mortgage will become part of Mountain West Bank.
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By GlobalDataAdditionally, five locations in Eastern Washington—Dayton, Kennewick, Pasco, Sunnyside, and Yakima—will join Wheatland Bank.
Under the agreed terms, Bank of Idaho shareholders will receive 1.1 shares of Glacier stock for each share held, subject to certain adjustments.
Commenting on the takeover, Bank of Idaho said that “partnering with Glacier Bancorp allows us to continue growing and serving our communities. Glacier is a great fit given their focus on buying good banks in good markets with good people.
“They have a strong business model and combining our footprint with three different divisions of Glacier Bank creates a powerful force across Idaho and Eastern Washington.”
Bank of Idaho added that the deal will not cause “immediate changes” for customers and can continue using their existing checks, credit and debit cards, as well as online and mobile banking services.
Glacier president and CEO Randy Chesler said: “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 for Glacier.”
