Glacier Bancorp to acquire Utah-based Altabancorp for $933m
Glacier Bancorp, a Montana-based commercial banking company, has agreed to acquire Altabancorp, the holding company for Utah-based community bank Altabank for $933.5 million.
Headquartered in American Fork, Altabank offers banking services to individuals and businesses across Utah and southern Idaho. It has 25 branches located from Preston, Idaho to St. George in Utah.
As of 31 March 2021, Altabancorp had total assets of $3.5 billion, $1.8 billion in total loans, and $3.2 billion in total deposits.
According to the terms of the deal, Altabancorp’s shareholders will exchange each of their shares for 0.7971 shares of Glacier Bancorp.
Altabank, which will become the 17th bank division of Glacier Bancorp will operate under its existing name.
Len Williams – President and CEO of Altabancorp said: “Altabank has been a market leader in Utah for decades. In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was an undeniably great one for us.
“Becoming part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, all while maintaining our local autonomy.”
The acquisition will be the 24th for Glacier Bancorp since 2000 and its seventh announced deal in the last five years.
It is also Glacier Bancorp’s second acquisition of a Utah-based bank in the last couple of years. In 2019, the parent company of Glacier Bank had acquired First Community Bank based in Layton.
Randy Chesler – Glacier Bancorp President and CEO said: “This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.
“This acquisition is consistent with our history of adding high quality community banks to our proven banking model. Altabank has been serving customers in Utah for over 100 years, and has developed a leading position and lasting legacy in the markets it serves.”
The deal is expected to close in Q4 2021.