Glacier Bancorp has signed a definitive agreement to acquire Heritage Bancorp, the holding company for Heritage Bank of Nevada, in a cash-and-stock deal valued at nearly $240.7m.
The Heritage Bancorp acquisition marks Glacier’s 11th transaction in the last six years.
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Under the agreement, Heritage shareholders will receive 4.00 shares of Glacier stock and $12 in cash for each share.
According to Glacier, the acquisition will be immediately accretive to its earnings per share excluding transaction-related expenses.
With seven branches across northern Nevada, Heritage Bank of Nevada provides banking services to individuals and businesses.
As of 31 December 2018, the lender had total assets of $829.7m and total deposits of $720.5m.
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By GlobalDataGlacier president and CEO Randy Chesler said: “Heritage is consistent with our history of adding high quality community banks to our proven banking model.
“Heritage has proven lending talent, dedicated employees, deep market knowledge and strong customer relationships.”
Upon closing, Heritage Bank of Nevada will operate as a bank division of Glacier.
Heritage president and CEO Stan Wilmoth said: “We are pleased to announce a partnership with Glacier Bancorp.
“Glacier’s community banking model aligns very well with our culture and approach to banking. Glacier will enhance and expand the banking experience for our customers.”
The Heritage Bancorp acquisition is expected to close in the third quarter, subject to customary closing conditions.
In January this year, Glacier announced to acquire FNB Bancorp, a holder of a community bank in Utah. The deal was valued at nearly $85m.
