Glacier Bancorp, Inc. Announces Acquisition of Bank of Idaho Holding Co.
Glacier Bancorp (NYSE: GBCI) has announced the acquisition of Bank of Idaho Holding Co. (OTCQX: BOID), marking Glacier's 26th bank acquisition since 2000. The transaction, valued at $245.4 million, will see BOID shareholders receive 1.100 shares of Glacier stock for each BOID share, valuing BOID shares at $52.47 each.
As of September 30, 2024, BOID had total assets of $1.3 billion, loans of $1.0 billion, and deposits of $1.1 billion. The deal is expected to close in Q2 2025, subject to regulatory and shareholder approvals. Upon completion, Bank of Idaho's operations will be integrated into three existing Glacier Bank divisions: Eastern Idaho operations joining Citizens Community Bank, Boise operations joining Mountain West Bank, and Eastern Washington operations joining Wheatland Bank.
Glacier Bancorp (NYSE: GBCI) ha annunciato l'acquisizione di Bank of Idaho Holding Co. (OTCQX: BOID), segnando la 26ª acquisizione bancaria di Glacier dal 2000. La transazione, valutata 245,4 milioni di dollari, prevede che i azionisti di BOID ricevano 1.100 azioni di Glacier per ogni azione di BOID, valutando le azioni di BOID a 52,47 dollari ciascuna.
Al 30 settembre 2024, BOID aveva attività totali di 1,3 miliardi di dollari, prestiti di 1,0 miliardi di dollari e depositi di 1,1 miliardi di dollari. Si prevede che l'affare si chiuda nel secondo trimestre del 2025, soggetto all'approvazione delle autorità di regolamentazione e degli azionisti. Una volta completata, le operazioni della Bank of Idaho saranno integrate in tre divisioni esistenti di Glacier Bank: le operazioni dell'Est dell'Idaho si uniranno a Citizens Community Bank, le operazioni di Boise si uniranno a Mountain West Bank e le operazioni dell'Est di Washington si uniranno a Wheatland Bank.
Glacier Bancorp (NYSE: GBCI) ha anunciado la adquisición de Bank of Idaho Holding Co. (OTCQX: BOID), marcando la 26ª adquisición bancaria de Glacier desde 2000. La transacción, valorada en 245.4 millones de dólares, verá a los accionistas de BOID recibir 1.100 acciones de Glacier por cada acción de BOID, valorando las acciones de BOID en 52.47 dólares cada una.
Al 30 de septiembre de 2024, BOID tenía activos totales de 1.3 mil millones de dólares, préstamos de 1.0 mil millones de dólares y depósitos de 1.1 mil millones de dólares. Se espera que el acuerdo se cierre en el segundo trimestre de 2025, sujeto a aprobaciones regulatorias y de accionistas. Una vez completado, las operaciones de Bank of Idaho se integrarán en tres divisiones existentes de Glacier Bank: las operaciones del Este de Idaho se unirán a Citizens Community Bank, las operaciones de Boise se unirán a Mountain West Bank y las operaciones del Este de Washington se unirán a Wheatland Bank.
글래시어 뱅코프 (NYSE: GBCI)가 아이다호 홀딩스 은행 (OTCQX: BOID)의 인수를 발표했습니다. 이는 2000년 이후 글래시어의 26번째 은행 인수입니다. 2억 4천 540만 달러로 평가된 이번 거래에서 BOID 주주들은 BOID 주식 1주당 글래시어 주식 1,100주를 받을 예정이며, BOID 주식의 가치는 각각 52.47달러입니다.
2024년 9월 30일 기준으로 BOID는 총 자산 13억 달러, 대출 10억 달러, 예금 11억 달러를 보유하고 있었습니다. 이 거래는 2025년 2분기에 종료될 것으로 예상되며, 규제 기관 및 주주 승인을 받을 예정입니다. 거래가 완료되면 아이다호 은행의 운영은 기존 글래시어 은행의 세 가지 부서에 통합됩니다: 동부 아이다호의 운영은 Citizens Community Bank에 합류하고, 보이시의 운영은 Mountain West Bank에 합류하며, 동부 워싱턴의 운영은 Wheatland Bank에 합류합니다.
Glacier Bancorp (NYSE: GBCI) a annoncé l'acquisition de Bank of Idaho Holding Co. (OTCQX: BOID), marquant la 26ème acquisition bancaire de Glacier depuis 2000. La transaction, évaluée à 245,4 millions de dollars, verra les actionnaires de BOID recevoir 1.100 actions de Glacier pour chaque action de BOID, valorisant les actions de BOID à 52,47 dollars chacune.
Au 30 septembre 2024, BOID avait des actifs totaux de 1,3 milliard de dollars, des prêts de 1,0 milliard de dollars et des dépôts de 1,1 milliard de dollars. La conclusion de l'accord est attendue au deuxième trimestre de 2025, sous réserve des approbations des régulateurs et des actionnaires. Une fois finalisée, Bank of Idaho sera intégrée dans trois divisions existantes de Glacier Bank : les opérations de l'Est de l'Idaho se joindront à Citizens Community Bank, les opérations de Boise à Mountain West Bank et les opérations de l'Est de Washington à Wheatland Bank.
Glacier Bancorp (NYSE: GBCI) hat die Übernahme von Bank of Idaho Holding Co. (OTCQX: BOID) bekannt gegeben, was die 26. Bankübernahme von Glacier seit 2000 markiert. Die Transaktion, die mit 245,4 Millionen Dollar bewertet wird, sieht vor, dass die Aktionäre von BOID 1.100 Aktien von Glacier für jede BOID-Aktie erhalten, was BOID-Aktien auf 52,47 Dollar pro Stück bewertet.
Zum 30. September 2024 hatte BOID eine Bilanzsumme von 1,3 Milliarden Dollar, Kredite von 1,0 Milliarden Dollar und Einlagen von 1,1 Milliarden Dollar. Der Abschluss des Geschäfts wird im 2. Quartal 2025 erwartet, vorbehaltlich der Genehmigungen durch die Aufsichtsbehörden und der Aktionäre. Nach dem Abschluss werden die Geschäfte der Bank of Idaho in drei bestehende Divisionen von Glacier Bank integriert: die Geschäfte in Ost-Idaho werden sich mit Citizens Community Bank verbinden, die Geschäfte in Boise mit Mountain West Bank und die Geschäfte in Ost-Washington mit Wheatland Bank.
- Strategic expansion in Idaho, the fastest-growing state in the US
- Acquisition adds $1.3B in assets, $1.0B in loans, and $1.1B in deposits
- Strengthens Glacier's position as leading community bank in Idaho
- Expands presence in Eastern Washington market
- Stock-based transaction may lead to shareholder dilution
- Integration across three different divisions could pose operational challenges
Insights
This strategic acquisition positions GBCI for substantial market expansion in Idaho's rapidly growing banking sector. The
The integration strategy is particularly noteworthy - splitting BOID's operations among three existing GBCI divisions optimizes operational efficiency and leverages existing market expertise. This approach should minimize integration risks while maximizing synergy potential. The all-stock structure preserves capital while giving BOID shareholders upside participation in the combined entity.
Idaho's status as the fastest-growing state presents significant organic growth opportunities and this acquisition solidifies GBCI's position as the state's leading community bank. The transaction's projected Q2 2025 closing timeline appears realistic, considering regulatory requirements.
This acquisition exemplifies GBCI's proven growth-through-acquisition strategy, marking their 26th bank acquisition since 2000. The deal's structure reflects current market dynamics in regional banking consolidation, where scale and market density are increasingly critical for competitiveness. The strategic rationale centers on three key elements: market leadership in Idaho, expanded presence in Eastern Washington and enhanced operational scale.
The transaction's timing is particularly opportune given Idaho's demographic trends and economic growth patterns. The state's rapid population growth drives increased banking service demand, especially in commercial and residential lending. By integrating BOID's operations into existing divisions, GBCI can optimize its branch network while maintaining local market knowledge - a important factor in community banking success.
The operational integration plan demonstrates sophisticated market understanding. Dividing BOID's operations among three existing divisions - Citizens Community Bank, Mountain West Bank and Wheatland Bank - allows for targeted market approaches while leveraging established brand equity. This structure should facilitate smoother technology integration and reduce customer attrition risk.
BOID's asset quality metrics and deposit base complement GBCI's existing portfolio. With
KALISPELL, Mont., Jan. 13, 2025 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NYSE: GBCI) today announced the signing of a definitive agreement to acquire Bank of Idaho Holding Co. (“BOID”) (OTCQX: BOID), the bank holding company for Bank of Idaho, a leading community bank headquartered in Idaho Falls, Idaho. The acquisition marks Glacier’s 26th bank acquisition since 2000 and its 12th announced transaction in the past 10 years. As of September 30, 2024, BOID had total assets of
The boards of Glacier and BOID unanimously approved the transaction, which is subject to regulatory approval, BOID shareholder approval and other customary conditions of closing. The definitive agreement provides that upon closing of the transaction, BOID shareholders are to receive 1.100 shares of Glacier stock for each BOID share (subject to adjustment under certain circumstances). Based on the closing price of
"We are excited to add Bank of Idaho to the Glacier family of banks,” said Randy Chesler, Glacier's President and CEO. “This is a unique opportunity to find a bank that not only fits strategically within our existing footprint but will also meaningfully expand our presence in strong core growth markets for Glacier. Idaho is the fastest growing state in the country and the addition of Bank of Idaho to our existing Mountain West Bank and Citizens Community Bank divisions will secure our position as the leading community bank in the state. In addition, we will expand our growing Eastern Washington franchise by combining Bank of Idaho with our Wheatland Bank division.” Chesler also noted that “This acquisition continues our long history of consistently adding high quality community banks to our proven banking model and we are enthusiastic about the future growth opportunities this acquisition will provide.”
“Bank of Idaho is a true community bank, and we are pleased to find a partner that shares the same vision, values and relationship banking model that has been core to our success over the years,” said Jeff Newgard, Bank of Idaho’s Chairman, President and CEO. “We are excited to join the Glacier family of banks and look forward to the opportunities and benefits this combination will bring to our clients, employees and shareholders.”
Glacier management will review additional information regarding the transaction on a conference call beginning at 9:00 a.m. Mountain Time on Tuesday, January 14, 2025. Please note that our conference call host no longer offers a general dial-in number.
Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register.vevent.com/register/BI853a1a4cd7b143d18cb4dbf900914588
To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/dpkop98f
If you are unable to participate during the live webcast, the call will be archived on our website, www.glacierbancorp.com.
A slide presentation to accompany management’s commentary may be accessed from Glacier’s January 13, 2025, Form 8-K filing with the Securities and Exchange Commission (the "SEC") or at https://www.glacierbancorp.com/news-market-information/annual-reports-presentations.
Glacier was advised in the transaction by D.A. Davidson & Co. as financial advisor and Miller Nash LLP as legal counsel. BOID was advised by MJC Partners as financial advisor and Otteson Shapiro LLP as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).
Visit GBCI’s website at www.glacierbancorp.com.
Important Information and Where You Can Find It
This communication relates to the proposed merger transaction involving Glacier and BOID. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities.
In connection with the proposed merger transactions, Glacier expects to file with the SEC a Registration Statement on Form S-4 (the “Registration Statement”) that will include a Proxy Statement of BOID and a Prospectus of Glacier, as well as other relevant documents concerning the proposed transaction. Shareholders of BOID are urged to read carefully the Registration Statement and the Proxy Statement/Prospectus included therein regarding the proposed merger transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the Proxy Statement/Prospectus included in the Registration Statement, as well as other filings containing information about Glacier, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Glacier at www.glacierbancorp.com under the tab “SEC Filings” or by requesting them in writing or by telephone from Glacier at: Glacier Bancorp, Inc., 49 Commons Loop, Kalispell, Montana 59901, ATTN: Corporate Secretary; Telephone (406) 751-7706.
Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “estimate,” “anticipate,” “expect,” “will,” and similar references to future periods. Such forward-looking statements include but are not limited to statements regarding the expected closing of the transaction and its timing and the potential benefits of the business combination transaction involving Glacier and BOID, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions, and other statements that are not historical facts regarding either company or the proposed combination of the companies. These forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, that may cause actual results or events to differ materially from those projected, including but not limited to the following: risks that the merger transaction will not close when expected or at all because required regulatory, shareholder or other approvals or conditions to closing are delayed or not received or satisfied on a timely basis or at all; risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which Glacier and BOID operate; uncertainties regarding the ability of Glacier Bank and Bank of Idaho to promptly and effectively integrate their businesses, including into Glacier Bank’s existing division structure; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the transaction of the companies’ respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. Glacier undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report. For more information, see the risk factors described in Glacier’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC.
CONTACT: Randall M. Chesler
(406) 751-4722
Ron J. Copher
(406) 751-7706
FAQ
What is the value of Glacier Bancorp's acquisition of Bank of Idaho (GBCI)?
When will Glacier Bancorp (GBCI) complete the Bank of Idaho acquisition?
How will Bank of Idaho's operations be integrated into Glacier Bancorp (GBCI)?
What assets will GBCI gain from the Bank of Idaho acquisition?
How many banks has Glacier Bancorp (GBCI) acquired since 2000?
