Glacier Bancorp has signed an agreement to acquire Inter-Mountain Bancorp, the Bozeman-based holding company for First Security Bank, for $173.4m.
First Security Bank offers banking services across Montana with 11 offices. It has around $1bn in assets, a loan book of $658m and $874m in deposits.
Under the agreement, shareholders of Inter-Mountain will get 22.841 shares of Glacier for each share exchanged.
Post acquisition, First Security Bank banking division will be combined with Glacier’s Big Sky Western Bank in Bozeman and will operate as new banking unit of Glacier.
First Security Bank’s branches in Golden Triangle area will be united with Glacier’s First Bank of Montana banking division.
Glacier’s president and CEO Randy Chesler said: “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.
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“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.”
The boards of Glacier and Inter-Mountain unanimously approved the transaction. The deal is anticipated to close in the first quarter of 2018, subject to regulatory approval.
Earlier this year, Glacier Bancorp has acquired Colorado-based Columbine Capital for $73.9m.