Eagle Bancorp Montana in Helena has agreed to buy Western Holding Co. of Wolf Point, Mont.
The $1 billion-asset Eagle said in a press release Friday that it will pay $13 million in cash and stock for the $100 million-asset parent of Western Bank of Wolf Point. The deal is expected to close in the fourth quarter.
Western has one branch, $77 million in deposits and $41 million in loans.
Duane Kurokawa, Western Holding’s president, will lead Eagle’s new branch efforts in northeastern Montana.
“This transaction presents a great opportunity for Eagle to expand our presence in the northeastern portion of the state,” Peter Johnson, Eagle’s president and CEO, said in the release. “The combination provides the ability to create revenue and cost synergies while offering Western customers a broader product offering, increased lending limits, and an expanded branch delivery system.”
Eagle was advised by Nixon Peabody and Panoramic Capital Advisors. Western was advised by Ballard Spahr LLP and Vining Sparks.
