Glacier Bancorp (GBCI) in Kalispell, Mont., has agreed to buy First National Bank of the Rockies in Grand Junction, Colo.
The $7.8 billion-asset Glacier will pay $30 million in cash and stock for the $343 million-asset First National. The deal, which is expected to close in the third quarter, is Glacier's third in the past 15 months. The transaction is expected to be immediately accretive to Glacier's earnings per share and tangible book value per share.
First National operates in northwestern Colorado. It has $305 million in deposits and $132 million in loans. It will become part of Glacier's Bank of the San Juans division.
"We are excited to be adding First National Bank of the Rockies to the Glacier family of banks," Mick Blodnick, Glacier's preesident and chief executive, said in a press release late Thursday. "This combination allows us to continue to expand in Colorado's Western Slope, a very attractive market that we have targeted for continued expansion."
D.A. Davidson & Co. and Graham & Dunn advised Glacier. St. Charles Capital and Swift and Bramler advised First National.
