In addition, we will expand our First Bank of Montana agriculture franchise by adding the First Security Bank locations in the Golden Triangle, an area well known for its high-quality farms and ranches." Chesler added, "First Security Bank is almost 100 years old and has a tremendous staff and position in its local markets. “This is a unique opportunity to expand our presence in the fast growing Bozeman market by creating the leading community bank in the area by combining Big Sky Western Bank with First Security to operate under the First Security Bank name. "We are proud to be adding First Security Bank to the Glacier family of banks,” stated Randy Chesler, Glacier's President and Chief Executive Officer. The agriculture-focused northern branches of First Security Bank, located in the area known as the Golden Triangle, will combine with Glacier’s First Bank of Montana banking division. Big Sky Western Bank, Glacier’s existing Bozeman-based banking division, will combine with the new First Security Bank banking division. Upon closing of the transaction, which is anticipated to take place in the first quarter of 2018, First Security Bank will become a new bank division of Glacier, headquartered in Bozeman. Based on the closing price of $37.26 for Glacier shares on October 26, 2017, the transaction would result in an aggregate value of $173.4 million. The definitive agreement provides that upon closing of the transaction, each share of Inter-Mountain common stock is expected to be exchanged for 22.841 shares of Glacier common stock (4,654,151 Glacier shares in the aggregate). The boards of Glacier and Inter-Mountain unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing. As of September 30, 2017, First Security Bank had total assets of $1.0 billion, gross loans of $658 million and total deposits of $874 million.
First Security Bank provides banking services to individuals and businesses throughout Montana with eleven banking offices located in Bozeman, Belgrade, Big Sky, Choteau, Fairfield, Fort Benton, Three Forks, Vaughn and West Yellowstone. The acquisition marks Glacier’s 20 th acquisition since 2000 and its ninth announced transaction in the past five years. (“Inter-Mountain”), the bank holding company for First Security Bank, a community bank based in Bozeman, Montana.
(“Glacier” or the “Company”) (NASDAQ:GBCI) today announced the signing of a definitive agreement to acquire Inter-Mountain Bancorp., Inc. 26, 2017 (GLOBE NEWSWIRE) - Glacier Bancorp, Inc.
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