Prolific acquirer Glacier Bancorp has struck a deal to enter Texas, agreeing to purchase Guaranty Bancshares in Mount Pleasant for $476 million in stock.
The transaction is expected to close early in the fourth quarter, after which the 112-year-old Guaranty will retain its brand identity and operate as a division of the $27.9 billion-asset Glacier. Guaranty Chairman and CEO Ty Abston will serve as the division's CEO. This setup is typical for Glacier, based on its past acquisitions. Guaranty would be Glacier's 18th division.
Glacier, which operates in Arizona, New Mexico and Oklahoma, saw the opportunity to acquire the $3.2 billion-asset Guaranty as a means to "further expand our presence in the Southwest," CEO Randy Chesler said Tuesday in a press release.
The deal "will allow us to enter a complementary state with an exceptional demographic profile, strong growth prospects, and a business-friendly operating environment," Chesler said.
Abston characterized the merger as "a perfect opportunity to position Guaranty Bank & Trust for the future."
Glacier bought banks with regularity prior to the COVID-19 pandemic, announcing eight acquisitions between 2015 and 2019. The pandemic brought a lull, with just two deals announced between 2020 and 2024. Guaranty represents the company's
"We believe GBCI's acquisition strategy is about to be supercharged with its entry in the Texas market and deeper penetration in the broader Southwest market," Coffey wrote Wednesday in a research note. The region is target-rich, with 200 banks holding assets of $500 million to $10 billion, Coffey noted, adding Glacier "has a strong currency, and the regulatory roadblocks to completing the transactions are coming down."
Glacier unveiled plans to acquire the $1.3 billion-asset Bank of Idaho in Idaho Falls in January. It closed the deal on May 1.
Chesler said Guaranty would be Glacier's second-largest acquisition, behind its purchase of the
"Once we're comfortable with [Guaranty], then we can think about M&A, both in the Mountain West but now really an enhanced opportunity in the Southwest," Chesler said Wednesday on a conference call with analysts. "There's some great banks in Texas that we think over the long haul can be really good partners."
Glacier has been eyeing both the Texas marketplace and a link to Guaranty for years, according to Chesler, who noted that the deal with Guaranty was a negotiated transaction that followed an extended courtship.
"We've been talking to Guaranty for years," Chesler said on the conference call. "We've spent time with them and they've been up to Kalispell (Montana) … I don't think we could have identified a better partner to enter Texas."
Guaranty operates 33 branches in East Texas, maintaining a presence in the region's largest markets, Dallas, Houston and Austin. Its approach to banking major urban centers approximates Glacier's strategy in Denver, Phoenix and other big cities.
"They serve the small businesses that support the city center," Chesler said. "Now they can continue what they've always done, backed by a $30 billion balance sheet and enhanced technology."
Guaranty reported first-quarter net income totaling $8.6 million, up 28% from the same period in 2024.
Glacier expects the Guaranty deal to be about 7.5% accretive to earnings in 2026 and 2027.
Chesler said he expects the deal will be well-received by regulators. "It's a well-run bank," he said. "I really don't expect any issues with this."
