BAWAG and Peak Bancorp, Inc. Announce Receipt of All Regulatory Approvals

Rhea-AI Summary

Peak Bancorp, Inc. and its subsidiary bank, Idaho First Bank, have received all regulatory approvals for the acquisition by BAWAG Group. The purchase price remains at $65 million, and the deal is set to close on November 30, 2023. BAWAG Group plans to work with the current leadership team of Idaho First Bank to expand its community-focused banking presence in Idaho and neighboring markets.

BOISE, Idaho, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Peak Bancorp, Inc. (“Peak”), and its subsidiary bank, Idaho First Bank (collectively, the “Bank”) (OTC: IDFB) and BAWAG Group today announced the receipt of all regulatory approvals required for BAWAG to complete the previously announced acquisition of Peak Bancorp, the holding company for Idaho First Bank, a state-chartered community bank. The purchase price remains consistent with the original agreement of $65 million. The closing of the deal will be scheduled for November 30, 2023.

Once the acquisition is completed, BAWAG Group will work with the current leadership team of Idaho First Bank to continue growing its community-focused banking presence in Idaho and adjacent markets. The acquisition provides Idaho First Bank the opportunity to continue growing and serving more customers by leveraging the operational support and financial strength of the broader banking group. It also provides BAWAG Group with a banking platform to pursue further growth opportunities across the United States, while maintaining a disciplined approach to lending focused on risk-adjusted returns and profitable growth.

Todd Cooper, CEO of Peak Bancorp and Idaho First Bank stated, “Today, more than ever, a community bank focused on serving main street businesses and local communities is vital to economic growth. We are excited about this transaction because it allows Idaho First to continue filling that role backed by the financial strength of BAWAG Group.” Mark Miller, Peak Bancorp’s Chairman of the Board continued, “We are proud of the financial performance of Idaho First Bank since the transaction announcement, particularly proud of the performance during 2023, and excited about the opportunities this transaction provides our team, our customers, and our communities. Additionally, shareholders representing nearly one-third of Peak Bancorp ownership have communicated an intent to reinvest after-tax net proceeds from the sale of the Bank into BAWAG stock as we are excited about the many growth opportunities ahead for BAWAG Group.”

Anas Abuzaakouk, CEO, commented: “We are excited about the acquisition of Peak Bancorp and the many opportunities this presents for the Group. Despite the various challenges faced by the US banking sector this year, we have been pleased with the performance of Idaho First Bank, which reflects the financial strength and resilience of the franchise as well as the quality of leadership and the broader team. This acquisition provides BAWAG Group with a US banking platform to drive organic growth in Idaho and across the United States, adding yet another channel for growth. We look forward to welcoming the Idaho First Bank team into the BAWAG family and continuing to grow the franchise.”

About Peak Bancorp

Peak Bancorp, Inc., is the holding company for Idaho First Bank (IFB) a full-service state-chartered community bank established in October 2005 and headquartered in McCall, Idaho. Known for its People First and Community First motto, the Bank serves the greater Southwest Idaho and Central Oregon communities. Branch locations include McCall, New Meadows, Eagle, Ketchum, Nampa, Boise, and Bend. Idaho First Bank is a member of the FDIC and an Equal Housing Lender. For more information, visit us at www.idahofirstbank.com 

About BAWAG Group

BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.1 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need.

BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements. Idaho First Bank has no obligation to publicly update forward-looking statements after the date of this release. This statement is included for the express purpose of invoking PSLRA’s safe harbor provisions.

CONTACT
Todd Cooper
President | CEO - Idaho First Bank
208-634-1000 - tcooper@idahofirstbank.com

FAQ

What is the acquisition announced in the press release?

The press release announces the acquisition of Peak Bancorp, Inc. and its subsidiary bank, Idaho First Bank, by BAWAG Group.

What is the purchase price for the acquisition?

The purchase price remains at $65 million.

When is the scheduled closing of the deal?

The deal is set to close on November 30, 2023.

What are the plans of BAWAG Group after the acquisition?

BAWAG Group plans to work with the current leadership team of Idaho First Bank to expand its community-focused banking presence in Idaho and neighboring markets.