Idaho Trust to Acquire Trust and Wealth Management Division of Bank of Idaho
Idaho Trust Company has announced an agreement to acquire the Trust and Wealth Management Division of Bank of Idaho (BOID). The strategic acquisition will expand Idaho Trust's presence in eastern Idaho and enhance its service offerings. The transaction, expected to close in Q1 2025, will increase Idaho Trust's assets under administration and advisement from $846 million to $1.13 billion.
The acquisition aligns with Idaho Trust's growth strategy and will allow Bank of Idaho to focus on its core commercial and personal banking operations. Bank of Idaho, a $1.29 billion financial institution, operates 15 branches across Southern and Eastern Idaho and Eastern Washington. Both companies emphasize their commitment to ensuring a seamless transition for existing clients, who will receive detailed information about the process in the coming weeks.
Idaho Trust Company ha annunciato un accordo per acquisire la Divisione Fiduciaria e di Gestione Patrimoniale della Bank of Idaho (BOID). Questa acquisizione strategica espanderà la presenza di Idaho Trust nell'est dell'Idaho e migliorerà la sua offerta di servizi. L'operazione, prevista per chiudere nel primo trimestre del 2025, aumenterà gli asset in amministrazione e consulenza di Idaho Trust da 846 milioni a 1,13 miliardi di dollari.
L'acquisizione è in linea con la strategia di crescita di Idaho Trust e permetterà alla Bank of Idaho di concentrarsi sulle sue operazioni di banking commerciale e personale. La Bank of Idaho, un'istituzione finanziaria da 1,29 miliardi di dollari, gestisce 15 filiali nel sud e nell'est dell'Idaho e nell'est di Washington. Entrambe le aziende sottolineano il loro impegno a garantire una transizione senza problemi per i clienti esistenti, che riceveranno informazioni dettagliate sul processo nelle prossime settimane.
Idaho Trust Company ha anunciado un acuerdo para adquirir la División de Fideicomisos y Gestión de Patrimonios del Bank of Idaho (BOID). Esta adquisición estratégica ampliará la presencia de Idaho Trust en el este de Idaho y mejorará su oferta de servicios. Se espera que la transacción se cierre en el primer trimestre de 2025, lo que incrementará los activos bajo administración y asesoría de Idaho Trust de 846 millones a 1.13 mil millones de dólares.
La adquisición se alinea con la estrategia de crecimiento de Idaho Trust y permitirá al Bank of Idaho concentrarse en sus operaciones bancarias comerciales y personales. El Bank of Idaho, una institución financiera de 1.29 mil millones de dólares, opera 15 sucursales en el sur y este de Idaho y el este de Washington. Ambas compañías enfatizan su compromiso de garantizar una transición sin inconvenientes para los clientes existentes, quienes recibirán información detallada sobre el proceso en las próximas semanas.
아이다호 트러스트 컴퍼니가 아이다호 은행(BOID)의 신탁 및 자산 관리 부서를 인수하기로 합의했습니다. 이 전략적 인수는 아이다호 트러스트의 동부 아이다호 내에서의 존재감을 확대하고 서비스 제공을 향상시킬 것입니다. 2025년 1분기에 마무리될 것으로 예상되는 이번 거래는 아이다호 트러스트의 관리 및 자문 자산을 8억 4600만 달러에서 11억 3000만 달러로 증가시킬 것입니다.
이번 인수는 아이다호 트러스트의 성장 전략과 일치하며, 아이다호 은행이 핵심 상업 및 개인 은행 업무에 집중할 수 있게 해줍니다. 아이다호 은행은 12억 9000만 달러의 금융 기관으로, 남부 및 동부 아이다호와 동부 워싱턴에 걸쳐 15개의 지점을 운영하고 있습니다. 두 회사는 기존 고객을 위한 원활한 전환을 보장하겠다는 의지를 강조하며, 고객들은 향후 몇 주 내에 프로세스에 대한 자세한 정보를 받을 것입니다.
Idaho Trust Company a annoncé un accord pour acquérir la division de gestion de patrimoine et de fiducie de la Bank of Idaho (BOID). Cette acquisition stratégique permettra à Idaho Trust d'élargir sa présence dans l'est de l'Idaho et d'améliorer son offre de services. La transaction, qui devrait être finalisée au premier trimestre 2025, augmentera les actifs sous gestion et conseil d'Idaho Trust de 846 millions à 1,13 milliard de dollars.
Cette acquisition s'inscrit dans la stratégie de croissance d'Idaho Trust et permettra à la Bank of Idaho de se concentrer sur ses opérations bancaires commerciales et personnelles. La Bank of Idaho, une institution financière de 1,29 milliard de dollars, opère 15 succursales dans le sud et l'est de l'Idaho et l'est de Washington. Les deux entreprises soulignent leur engagement à garantir une transition fluide pour les clients existants, qui recevront des informations détaillées sur le processus dans les semaines à venir.
Idaho Trust Company hat eine Vereinbarung zur Übernahme der Trust- und Vermögensverwaltungsabteilung der Bank of Idaho (BOID) angekündigt. Diese strategische Übernahme wird die Präsenz von Idaho Trust im östlichen Idaho erweitern und das Dienstleistungsangebot verbessern. Der Abschluss der Transaktion wird für das erste Quartal 2025 erwartet und wird die verwalteten und beratenden Vermögenswerte von Idaho Trust von 846 Millionen auf 1,13 Milliarden Dollar erhöhen.
Die Übernahme steht im Einklang mit der Wachstumsstrategie von Idaho Trust und ermöglicht es der Bank of Idaho, sich auf ihre Kernaktivitäten im gewerblichen und privaten Bankwesen zu konzentrieren. Die Bank of Idaho, eine Finanzinstitution mit 1,29 Milliarden Dollar, betreibt 15 Filialen in Südn Idaho, Ost-Idaho und Ost-Washington. Beide Unternehmen betonen ihr Engagement, einen reibungslosen Übergang für bestehende Kunden zu gewährleisten, die in den kommenden Wochen detaillierte Informationen über den Prozess erhalten werden.
- Increases Idaho Trust's assets under administration from $846M to $1.13B
- Expands geographical presence into eastern Idaho
- Enhances service offerings for existing and new clients
- Allows Bank of Idaho to focus on core banking operations
- Potential integration challenges during transition period
- Risk of client attrition during ownership change
The acquisition expands Idaho Trust's footprint in the trust and wealth management space and complements its specialized services. Aligning with the organization’s growth strategy and commitment to delivering custom trust and wealth management services to individuals, families, and businesses, the acquisition ensures Bank of Idaho Trust and Wealth Management clients will benefit from expanded service offerings, ensuring a seamless transition, and wider array of financial solutions.
“This is an exciting opportunity for Idaho Trust to broaden our reach and serve a new group of clients with the same dedication to excellence that has defined our organization,” said Thomas Prohaska, Chairman and President of Idaho Trust Company. “We are honored to welcome the new team and their clients into our family and are committed to providing them with tailored solutions, enhanced resources, and the personalized service they are accustomed to.”
This strategic move allows Bank of Idaho to focus on its core business of commercial and personal banking, ensuring continued excellence in serving its communities across
“Our priority has always been to provide our customers with the best possible financial solutions,” said Jeff Newgard, Chairman, President and CEO of Bank of Idaho. “By transitioning our Trust and Wealth Management Division to Idaho Trust, we are confident our clients will benefit from an expanded suite of services and the exceptional expertise of a team widely recognized for their dedication to trust and wealth management. We deeply appreciate the trust our clients have placed in us and are committed to supporting them through this transition.”
The transaction is expected to close in the first quarter of 2025. Current Bank of Idaho clients will receive detailed information about the transition process in the coming weeks. Both Idaho Trust and Bank of Idaho are focused on ensuring a seamless transition and continued excellence in service.
MJC Partners acted as financial advisor to Bank of Idaho. Otteson Shapiro LLP acted as legal counsel to Bank of Idaho. Hawley Troxell acted as legal counsel to Idaho Trust Company.
About Idaho Trust Company
Idaho Trust Company, a trust company with
About Bank of Idaho
Bank of Idaho Holding Company (OTCQX: BOID), headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250106115804/en/
Thomas Prohaska, President, Idaho Trust Company
Phone: 208-373-6500
Email: tfp@idahotrust.com
Source: Idaho Trust Company
FAQ
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