Idaho First Bank holding company Peak Bancorp has signed an agreement to divest 100% of its stake to BAWAG Group for $65m.

The acquisition expands the US footprint of BAWAG Group, a Vienna, Austria-headquartered holding company. It also bolsters the company’s position to support future growth in Idaho.

BAWAG will provide Idaho First Bank with its operational support and financial strength, and will also work with its team to further its growth in its core and neighbouring markets.  

BAWAG Group CEO Anas Abuzaakouk said: “We are excited about the acquisition of Peak Bancorp and the many opportunities this presents for the Group. This acquisition provides us with a US banking platform to drive organic growth in Idaho and across the United States – growing in a core market that is deep, broad, and transparent.

“The combination of Idaho First Bank’s community-focused banking augmented with access to new origination channels, capital, and the operational capabilities of the Group will allow us to grow and build a scalable and efficient Retail & SME banking platform.”

Peak Bancorp CEO and president Todd Cooper said: “We are extremely excited about the opportunity to join BAWAG Group, and are proud to be a focal point for its US expansion efforts. This partnership will allow us to continue serving our markets with a Community First focus.

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“We will be able to leverage BAWAG’s resources, depth, and diversification to better serve our communities and banking customers, while also providing exceptional value to Peak Bancorp shareholders.”

The cash deal, which is yet to receive shareholder and regulatory approval, represents a diluted per-share value of $12.05.

Apart from Austria and US, BAWAG Group has operations in Germany, Switzerland, the Netherlands, and Western Europe as well.