Glacier Bancorp has agreed to acquire State Bank Corp., the bank holding company for State Bank of Arizona, in a transaction valued at $135.3m.
The transaction is expected to be closed in the fourth quarter of this year or early in the first quarter of 2020.
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State Bank of Arizona delivers banking services to individuals and businesses in Arizona. It operates ten banking offices in Bullhead City, Cottonwood, Kingman, Lake Havasu City, Phoenix, Prescott Valley and Prescott.
The bank had total assets of $678.6m, total loans of $413.6m and total deposits of $592m as of 30 June 2019.
Upon completion of the transaction, Glacier will merge State Bank of Arizona into its Foothills Bank Division, extending its franchise footprint in Arizona.
Glacier Bancorp president and CEO Randy Chesler said: “This acquisition is consistent with our history of adding high quality community banks to our proven banking model.
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By GlobalData“State Bank Corp. has an experienced team of dedicated employees, deep market knowledge and strong customer relationships. Additionally, State Bank Corp.’s low cost relationship based deposits enhances the overall funding profile of our Arizona franchise.”
The acquisition marks Glacier’s 12th announced transaction in the last seven years.
In August this year, Glacier completed its acquisition of Heritage Bancorp, the bank holding company for Heritage Bank of Nevada.
Heritage Bank of Nevada provides banking services to individuals and businesses throughout Northwestern Nevada. At 30 June 2019, the bank had total assets of about $842m.
