Glacier Bancorp (GBCI) in Kalispell, Mont., has reached an agreement to buy Wheatland Bankshares Wheatland, Wyo.
Glacier said in a press release late Monday that it would pay about $38 million in cash and stock for the parent of the $281 million-asset First State Bank. About 28% of the consideration will involve cash, as long as Glacier's stock trades between $13.50 and $16.50 a share.
First State Bank has three branches, $179 million in gross loans and $249 million in deposits. The acquisition also allows the $7.7 billion-asset Glacier to expand into southeast Wyoming.
Glacier expects to complete the acquisition in the second quarter. First State Bank will operate as a separate division under its existing name and will immediately add to Glacier's earnings.
"This combination not only adds one of Wyoming's top performing banks to our Company, it also provides us with a very talented and highly respected management team and staff," Mick Blodnick, Glacier's president and chief executive, said in Monday's release. The acquisiiton "will bring additional diversification to our loan portfolio, with their strong commitment to agriculture.
Glacier was advised by D.A. Davidson and Graham & Dunn. First State Bank was advised by St. Charles Capital and Fairfield and Woods.
