Glacier Bancorp in Kalispell, Mont., has agreed to buy Montana Community Banks Inc. in Ronan, Mont.
The $8.1 billion-asset Glacier will pay $25 million in cash and stock for the $180 million-asset parent of Community Bank. The deal, Glacier's fourth acquisition in the past 20 months, is expected to close in the first quarter. The transaction is expected to be immediately accretive to Glacier's earnings per share.
Community Bank has eight branches in the Montana towns of Missoula, Polson, Ronan and Pablo. The company also has $94 million in loans and $154 million in deposits.
"This is a tremendous opportunity for us to expand our western Montana presence with the addition of an outstanding community bank," Mick Blodnick, Glacier's president and chief executive, said in a press release late Wednesday. "This combination allows us to add several new markets in western Montana, and complements our presence in Missoula and Polson."
Glacier was advised by D.A. Davidson and Graham & Dunn. Montana Community Banks was advised by Christian, Samson & Jones.