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KALISPELL, Mont., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq:GBCI) today announced the signing of a definitive agreement to acquire First State Bank, a community bank based in Wheatland, Wyoming. The acquisition marks Glacier's 13
th acquisition since 2000 and its fourth in Wyoming. First State Bank provides community banking services to individuals and businesses from three banking offices in Wheatland, Torrington and Guernsey. As of December 31, 2012 the bank had total assets of $281 million, gross loans of $179 million and total deposits of $249 million.
The boards of Glacier and Wheatland Bankshares, Inc. (First State Bank's holding company) unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing. The transaction provides for the payment to Wheatland Bankshares, Inc. shareholders of $10.62 million in cash and 1,652,000 shares of Glacier common stock, so long as the average closing price of Glacier stock is between $13.50 and $16.50. Based on the closing price of $16.66 for Glacier shares on February 25, 2013, the transaction would result in the delivery of 1,636,135 shares and result in an aggregate value of $37.9 million. As of December 31, 2012, Wheatland Bankshares, Inc. had consolidated tangible equity of $25.95 million and consolidated trailing twelve month earnings of $3.45 million. Upon closing of the transaction, which is anticipated to take place in the second quarter, First State Bank will be merged into Glacier Bank and operate as a separate bank division doing business under its existing name.
"We're thrilled to be adding First State Bank to our family of banks," stated Mick Blodnick, Glacier's President and Chief Executive Officer. "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. Two additional benefits of the merger will be the geographic expansion into Southeast Wyoming, one of the healthiest states in the nation, and it will bring additional diversification to our loan portfolio, with their strong commitment to agriculture," Blodnick said. "First State Bank has an enviable thirty year record of serving their communities, posting strong earnings, outstanding asset quality, and solid growth. They're everything we look for in a partner." Blodnick also noted the transaction will be immediately accretive to Glacier's earnings.