KALISPELL, Montana, March 27, 2013 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (Nasdaq:GBCI) today announced the signing of a definitive agreement to acquire North Cascades National Bank (or "NCNB"), a community bank based in Chelan, Washington. The acquisition marks Glacier's 14 th acquisition since 2000 and its second announced transaction in the past 30 days. NCNB provides community banking services to individuals and businesses in central Washington, with nine banking offices located in Chelan, Wenatchee, East Wenatchee, Omak, Brewster, Twisp, Okanagan, Grand Coulee and Waterville. As of December 31, 2012 the bank had total assets of $347 million, gross loans of $219 million and total deposits of $300 million.
The boards of Glacier and North Cascades Bancshares, Inc. (NCNB'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 North Cascades Bancshares, Inc. shareholders of $13.55 million in cash and 874,194 shares of Glacier common stock, so long as the average price of Glacier stock before closing the transaction is between $13.00 and $18.00. Based on the closing price of $18.85 for Glacier shares on March 27, 2013, the transaction would result in the delivery of 834,774 shares and an aggregate value of $29.3 million. As of December 31, 2012, North Cascades Bancshares, Inc. had consolidated tangible equity of $23.1 million and consolidated calendar year earnings of $1.44 million. Consolidated earnings were adversely affected by approximately $1.4 million of pre-tax interest expense on the holding company's outstanding 10.18% trust preferred securities, which Glacier intends to fully redeem upon closing of the transaction. At the bank level, NCNB reported 2012 earnings of $2.38 million. Upon closing of the transaction, which is anticipated to take place in the third quarter, NCNB will be merged into Glacier Bank and operate as a separate bank division doing business under its existing name.
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