Glacier Bancorp has signed a definitive agreement to acquire Altabancorp (ALTA) in an all-stock deal valued at around $933.5m.
As agreed, ALTA shareholders will receive 0.7971 shares of Glacier stock for each ALTA share at closing.
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The aggregate value of the transaction is based on the closing price of $61.51 for Glacier shares.
ALTA is the bank holding company for Utah-based community bank Altabank. The lender provides banking services to individuals and businesses through its 25 branches.
Altabank had total assets of $3.5bn, as of 31 March 2021.
The deal is expected to close in the fourth quarter of 2021, subject to several customary conditions including regulatory and shareholder approvals.
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By GlobalDataOnce it closes, ALTA will become Glacier’s 17th bank division and will retain its current brand name.
Glacier president and CEO Randy Chesler said: “This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.
“This acquisition is consistent with our history of adding high quality community banks to our proven banking model. Altabank has been serving customers in Utah for over 100 years, and has developed a leading position and lasting legacy in the markets it serves.”
Glacier Bancorp is the parent company for Glacier Bank and its bank divisions. It has closed seven acquisitions in the last five years.
