Eagle Bancorp Montana to buy Ruby Valley Bank
Eagle Bancorp Montana in Helena has agreed to buy the parent of Ruby Valley Bank in Twin Bridges, Mont.
The $710 million-asset Eagle said in a press release Wednesday that it will pay $18 million in cash and stock for TwinCo. The deal is expected to close in the first quarter.
The $90 million-asset Ruby Valley has two branches, $55 million in loans and $78 million in deposits.
Ken Walsh, TwinCo’s president and CEO, is expected to join Eagle’s board. He will also lead new branch efforts in southwest Montana.
“We are excited about the opportunity for … Ruby Valley Bank to join the Eagle team,” Peter Johnson, Eagle’s president and CEO, said in the release. “This transaction presents a unique opportunity for Eagle to expand our presence in the attractive markets of Madison County and the Ruby Valley.”