Glacier Bancorp, Inc. Receives Regulatory Approval for Acquisition of Six Montana Branches From HTLF Bank
April 18 2024 - 4:37PM
Glacier Bancorp, Inc. (NYSE: GBCI) today announced that its banking
subsidiary, Glacier Bank, has received all regulatory approvals
required to complete its previously announced acquisition of six
Montana branch locations of HTLF Bank (the “Branches”), the bank
subsidiary of Heartland Financial USA, Inc. (NASDAQ: HTLF). The
transaction is expected to be completed in July 2024, subject to
customary closing conditions.
The six branches Glacier Bank will acquire
are:
- 2615 King Ave. W, Billings, MT
- 2929 3rd Ave. N, Billings, MT
- 2901 W Main St., Bozeman, MT
- 115 E First Ave, Plentywood,
MT
- 220 Main St., Stevensville, MT
- 101 E Legion St., Whitehall,
MT
As of March 31, 2024, the Branches had
approximately $463 million in local deposits and $296 million in
loans. The transaction is projected to be approximately $0.03 per
share, or 1.6%, accretive to Glacier’s 2024 estimated earnings per
share, given the expected partial year impact and excluding
one-time transaction-related expenses, and approximately $0.07 per
share, or 3.1%, accretive to Glacier’s 2025 estimated earnings per
share.
“We are pleased to have quickly received the
required regulatory approvals for this transaction and excited to
be further expanding our Montana franchise with the strategic
addition of these six branch locations across the state,” stated
Randy Chesler, President and CEO of GBCI and Glacier Bank. Chesler
added, "This provides us the unique opportunity to further
strengthen our leading presence in the state. In addition, the
transaction provides immediate liquidity and will be meaningfully
accretive to GBCI's earnings per share.”
Upon closing of the transaction, Glacier Bank
intends that the Branches will join Glacier Bank divisions
operating in Montana, including First Bank of Montana, First
Security Bank of Bozeman, First Security Bank of Missoula, Valley
Bank of Helena, and Western Security Bank.
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 of Helena
(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
branch purchase and assumption transaction involving Glacier Bank
and HTLF Bank. This communication does not constitute an offer to
sell or the solicitation of an offer to buy any securities.
Forward-Looking Statements
This news release 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 “anticipate,” “estimate,” “expect,” “will,”
“projects,” 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
the potential benefits of the purchase and assumption transaction
involving Glacier Bank and the Branches, including future financial
and operating results, the anticipated effects on GBCI’s earnings
per share and liquidity, Glacier Bank’s plans, objectives,
expectations and intentions, and other statements that are not
historical facts. 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 expected or projected, including but not limited to the
following: risks that the transaction will not close when expected
or at all because conditions to closing are not 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 deposit levels
at the Branches prior to closing, losses of customers or key
employees following announcement of the transaction or between the
date of this release and closing, general economic and market
conditions, regulatory considerations, changes or trends in
interest rates, monetary policy, laws and regulations and their
enforcement, and the degree of competition in the geographic and
business areas in which Glacier Bank and the Branches operate;
uncertainties regarding the ability of Glacier Bank to promptly and
effectively integrate the assets and deposit liabilities of the
Branches; changes in business and operational strategies that may
occur between signing and closing; uncertainties regarding the
reaction to the transaction of Glacier Bank’s and the Branches’
respective customers, employees, and counterparties; and risks
relating to the diversion of management time on transaction-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. GBCI 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 GBCI’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
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