"We are delighted to be adding North Cascades National Bank to the Glacier family of banks," stated Mick Blodnick, Glacier's President and Chief Executive Officer. "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. We are especially excited to be expanding into central Washington, a market area that represents a logical and long-targeted expansion of our footprint. The region offers attractive long-term growth prospects with a solid economic base of agriculture, fruit processing and tourism." Blodnick added, "NCNB serves the region well, with a high quality loan, customer, and deposit base that will further diversify our company." Blodnick also noted that the transaction will be immediately accretive to Glacier's earnings.
Scott Anderson, President and CEO of NCNB, commented, "As part of Glacier Bank, our customers will benefit from an expanded line of service offerings and much higher loan limits. We're excited to become part of their well respected and highly successful community banking organization."
Glacier management will review additional information regarding the transaction in a conference call beginning at 9 a.m. Mountain Time on Thursday, March 28, 2013. The call may be accessed by dialing 877-561-2748 and the conference ID is 26642144. A slide presentation to accompany management's commentary may be accessed from Glacier's March 27, 2013 8-K filing with the SEC or at http://www.snl.com/IRWebLinkX/presentations.aspx?iid=1023792.
Glacier was advised in the transaction by D.A. Davidson & Co., as financial advisor, and Graham & Dunn, P.C. as legal counsel. North Cascades Bancshares, Inc. was advised by Sandler O'Neill+Partners as financial advisor, and Breyer and Associates PC, as legal counsel.About Glacier Bancorp, Inc. Glacier Bancorp, Inc. is a regional bank holding company providing commercial banking services in 60 communities in Montana, Idaho, Utah, Washington, Wyoming and Colorado. Glacier Bancorp, Inc. is headquartered in Kalispell, Montana, and is the parent company for Glacier Bank, Kalispell and bank divisions First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman; Western Security Bank, Billings; and First Bank of Montana, Lewistown; all operating in Montana; as well as Mountain West Bank, Coeur d'Alene operating in Idaho, Utah and Washington; Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank, Evanston, operating in Wyoming and Utah; First Bank of Wyoming, Powell, operating in Wyoming; and Bank of the San Juans, Durango, operating in Colorado.