Glacier Bancorp to Acquire Bank of Idaho

Mergers and acquisitions in the US banking sector continued unabated with Glacier Bancorp signing an agreement to acquire Bank of Idaho Holding Co (BOID), a leading community bank headquartered in Idaho Falls, Idaho for an aggregate consideration of $245.4 million.

Glacier Bancorp provides commercial banking services such as transaction and savings deposits, commercial, consumer, and real estate loans, and mortgage origination services in 156 communities through 232 banking offices in Montana, Idaho, Utah, Washington, Wyoming, Colorado, Arizona, and Nevada. Glacier The total assets of Bancorp is $28.2 billion with shareholder equity of $3.2 billion.

The acquisition marks Glacier’s 26^th bank acquisition since 2000 and its 12^th in the past 10 years. As of 30 September 2024, BOID had total assets of $1.3 billion, total loans of $1 billion and total deposits of $1.1 billion.

Though 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.

Based on the closing price of $47.70 for Glacier shares on 10 January 2025, the transaction result in an aggregate consideration of $245.4 million (inclusive of the value to BOID stock option and stock appreciation right holders) and value of $52.47 per BOID share.

Upon closing of the transaction, which is anticipated to take place in the second quarter of 2025, the Bank of Idaho operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank.

Unique Opportunity

Randy Chesler, Glacier’s President and CEO, said that this is a unique opportunity to find a bank that not only fits strategically within their existing footprint but will also meaningfully expand Glacier Bancorp’s presence in strong core growth markets.

Idaho is the fastest growing state in the country and the addition of BOID to Glacier Bancorp’s existing Mountain West Bank and Citizens Community Bank divisions will secure their position as the leading community bank in the state, Chesler said.

“In addition, we will expand our growing Eastern Washington franchise by combining Bank of Idaho with our Wheatland Bank division. 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,” Chesler added

BOID Chairman Jell Newgard said that their bank is a true community bank, and they were pleased to find a partner that shared the same vision, values and relationship banking model that has been core to BOID’s success over the years.