Glacier Bancorp Inc. in Kalispell, Mont., is planning to issue up to 4.6 million shares in a public offering, and it said it would use the proceeds to "fund possible future acquisitions and for general corporate purposes."
In a press release late Monday, the $5.2 billion-asset, multibank holding company also said that it has filed a shelf registration with the Securities and Exchange Commission that would let it raise up to $250 million within a certain period through the sale of common or preferred stock.
Glacier said it would issue 4 million shares to the public and is giving its underwriters, D.A. Davidson & Co. and KBW Inc.'s Keefe, Bruyette & Woods Inc., a 30-day option to buy an additional 600,000 shares. It has yet to announce the date or a price for the offering. Based on Glacier's closing share price of $20.24 Monday, the offering could bring in as much as $93.1 million.
Glacier has been among the Northwest's most acquisitive banking companies in recent years. It has bought seven banks since early 2003 — one in Utah and two each in Montana, Wyoming, and Idaho — and it has a deal pending for the $146 million-asset Bank of the San Juans in Durango, Colo. That $22.7 million deal, announced in August, is expected to close this quarter.
Glacier's shares were trading at $19.34 late Tuesday, down 4.5% from Monday's close.