Glacier Bancorp, Inc. Appoints Board Member

Rhea-AI Summary

Glacier Bancorp, Inc. (NASDAQ: GBCI) announces the appointment of Michael B. Hormaechea as a Director, effective September 1, 2021. Hormaechea, with over 25 years in real estate development, will also serve on various committees including Audit and Risk Oversight. He brings extensive experience in corporate management, strategic planning, and finance. As the manager of Hormaechea Development LLC and a director at Mountain West Bank, his leadership is expected to enhance the company's governance and strategic direction.

Positive

• Appointment of Michael B. Hormaechea as Director may strengthen leadership with his extensive experience.
• Hormaechea's background in corporate management and finance could positively influence strategic decisions.

Negative

• Potential concerns about continuity due to the new appointment.
• Experience gap in banking specific governance compared to previous board members.

KALISPELL, Mont., July 30, 2021 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc.’s (NASDAQ: GBCI) Board of Directors and its wholly owned subsidiary Glacier Bank announce the appointment of Michael B. Hormaechea as a Director of the Company and Glacier Bank, effective September 1, 2021. Mr. Hormaechea was also appointed to the Company’s Audit, Compensation, Compliance, Nominating/Corporate Governance, and Risk Oversight Committees.

Michael B. Hormaechea is the manager of Hormaechea Development LLC and has over 25 years of leadership in the real estate development industry for residential, commercial resort and mixed-use projects. He currently serves as a director for Mountain West Bank, a division of Glacier Bank. Mr. Hormaechea earned a Bachelor’s degree in Business Administration at the University of San Diego and will bring extensive experience in executive-level leadership, corporate management, operations, strategic planning, marketing, business development and finance.

Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions: 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), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT).

Visit Glacier’s website at http://www.glacierbancorp.com

Contact: Randall M. Chesler, CEO
(406) 751-4722
Ronald J. Copher, CFO
(406) 751-7706

FAQ

What are the details of Michael B. Hormaechea's appointment at Glacier Bancorp?

Michael B. Hormaechea has been appointed as a Director of Glacier Bancorp and Glacier Bank, effective September 1, 2021.

What committees will Hormaechea serve on at Glacier Bancorp?

Hormaechea will serve on the Audit, Compensation, Compliance, Nominating/Corporate Governance, and Risk Oversight Committees.

What experience does Michael B. Hormaechea bring to Glacier Bancorp?

He has over 25 years in real estate development and holds significant expertise in corporate management, strategic planning, and finance.

How might Hormaechea's appointment impact Glacier Bancorp?

His extensive experience could enhance the company's governance and strategic direction.