Glacier Bancorp in Kalispell, Mont., will enter Arizona after buying TFB Bancorp in Yuma.

The $9.3 billion-asset Glacier said in a press release Tuesday that it will pay $62.4 million, or $26.88 a share, for the $316 million-asset parent of The Foothills Bank. The cash-and-stock deal, which is expected to close in the first quarter, values TFB at 168.8% of its tangible book value.

Foothills, which has four branches, $257 million in loans and $265 million in deposits, will retain its name and its existing management, which includes CEO Mary Lynn Lenz. TFB is one of just 13 publicly traded U.S. banking companies with a female CEO-CFO combination, according to S&P Global Market Intelligence.

Lenz, who has led banks in Massachusetts, California and Arizona, is no stranger to selling banks after turning them around. She oversaw the sale of Slades Ferry Bancorp to Rockland Trust in 2008 before bringing Professional Business Bank back from the brink and selling it to Carpenter & Co. in 2010.

Glacier said it expects the deal to be 1.4% accretive to its earnings in the first year. It should take less than 2.5 years to earn back the transaction’s 0.6% dilution to Glacier’s tangible book value. Glacier plans to cut about $1.5 million in expenses by 2018.

Glacier was advised by D.A. Davidson and Miller Nash Graham & Dunn. TFB was advised by Keefe, Bruyette & Woods and Hogan Lovells.

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