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After a four-year hiatus from M&A, Glacier Bancorp has agreed to buy a Wyoming bank and wants to do several more deals.
February 26 -
Glacier Bancorp (GBCI) in Kalispell, Mont., has reached an agreement to buy Wheatland Bankshares Wheatland, Wyo.
February 25 -
Glacier Bancorp (GBCI) in Kalispell, Mont., is off to a strong start in 2012 and its chief executive is optimistic that its performance will only improve as the company streamlines its operating structure and continues to shed problem assets.
April 20 -
The first thing Michael Blodnick — the head of Glacier Bancorp Inc. in Kalispell, Mont. — looks at when considering buying another bank?
March 8 -
Glacier Bancorp Inc. in Kalispell, Mont., is planning to collapse its 11 bank subsidiaries into a single commercial bank in a move aimed at streamlining its operations and lowering its overall compliance costs.
January 19
Glacier Bancorp (GBCI) in Kalispell, Mont., has agreed to buy North Cascades National Bank in Chelan, Wash.
Glacier would pay $29.3 million in cash and stock for the $347 million-asset North Cascades. The deal, which would be the $7.7 billion-asset Glacier's second announced acquisition in as many months, would expand the company's operations in central Washington.
North Cascades also fits Glacier's preference for buying banks with $200 million to $750 million in assets. North Cascades shareholders would receive 54% of the consideration in stock and the rest in cash, Glacier said in a regulatory filing.
"We are especially excited to be expanding into central Washington, a market area that represents a logical and long-targeted expansion of our footprint," Michael Blodnick, Glacier's chief executive, said in a press release. "This combination not only adds an excellent community bank to our company, it also provides us with an experienced and accomplished management team and staff."
Glacier said it expects to retain North Cascades' board and management as part of the deal, which should close in the third quarter. "As part of Glacier Bank, our customers will benefit from an expanded line of service offerings and much higher loan limits," Scott Anderson, North Cascades' chief executive, said in the release.
In February, Glacier
North Cascades added nine branches in a four-county area of central Washington and would diversity Glacier's loan book. About 18% of North Cascades' commercial loans are directly associated with agricultural businesses and farmland, Glacier said. The company also liked the agricultural focus at Wheatland.
D.A. Davidson and the law firm of Graham & Dunn advised Glacier. Sandler O'Neill and the law firm of Breyer and Associates advised North Cascades.
