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D.L. Evans Bancorp in Burley, Idaho, was the successful bidder for Idaho Banking in Boise following a bankruptcy auction.
June 30 -
The Oregon company is hopeful it will enjoy significant stock appreciation once investors realize the value of its acquisition of Home Federal in Idaho. Management hopes other potential sellers agree.
June 20
Columbia Banking System in Tacoma, Wash., has agreed to buy Intermountain Community Bancorp in Sandpoint, Idaho.
The $7.2 billion-asset Columbia will pay $121.5 million, or $18.22 a share, in cash and stock for the $911 million-asset Intermountain. The deal is expected to close in the fourth quarter and should be immediately accretive to Columbia's earnings per share.
Tangible book value dilution of roughly 1% should be earned back in about three years.
"We have stated for many years that it has long been our strategy to become the premier Pacific Northwest regional community bank," Melanie Dressel, president and chief executive, said in a press release late Wednesday. "We have always felt that Idaho was an important part of that strategy and Intermountain, with their statewide presence, provides us with a substantial base."
Curt Hecker, Intermountain's president and chief executive, will lead Idaho expansion for Columbia. Intermountain's two biggest shareholders have agreed to support the merger.
Columbia was advised by Keefe, Bruyette & Woods and Sullivan & Cromwell. Intermountain was advised by Sandler O'Neill and Graham & Dunn.
Intermountain is the latest Idaho bank to sell. D.L. Evans Bancorp earlier this year
