Glacier Bancorp in Kalispell, Mont., has agreed to buy Treasure State Bank in Missoula, Mont.
The $9.1 billion-asset Glacier said in a press release Thursday that it will pay $12.9 million, or $7.34 a share, in cash and stock for the $71 million-asset Treasure State. The deal is expected to close in the third quarter.
Treasure State would be Glacier's sixth acquisition in the past three years.
"This is an exciting opportunity to expand our presence in Missoula by adding some very seasoned and knowledgeable bankers," Mick Blodnick, Glacier's president and chief executive, said in the release. "Treasure State Bank will be a really nice fit with our existing First Security Bank banking division. They also bring an outstanding branch office, solid earnings, strong customer relationships, and a solid core deposit base."
The acquisition is expected to be immediately accretive to Glacier's earnings per share.
Glacier was advised by Miller Nash Graham & Dunn. Treasure State was advised by D.A. Davidson and Bjornson Law Offices.