Glacier Bancorp of Kalispell, Mont., said Friday that it plans to sell six bank branches to Stockman Financial Corp. of Miles City, Mont., for an undisclosed sum.
Glacier, a $2 billion-asset, multibank holding company, is selling its five Western Security Bank branches in Conrad, Havre, and Great Falls, Mont., and a Glacier Bank branch in Cut Bank, Mont.
The six branches have deposits of $79 million. The deal is expected to close in midsummer, and Stockman Financial, the parent of Stockman Bank of Montana, would then have $750 million of assets and 18 branches.
The deal is a departure for Glacier, which has been on an expansion spree since 1992. In the last nine years, it has bought seven Montana banks, including a recently closed deal for Western Security Bank and its $946 million-asset parent, WesterFed Financial Corp. of Missoula.
And just this month, the Glacier subsidiary Mountain West Bank of Coeur dAlene, Idaho, closed a deal for seven Wells Fargo & Co. branches, with $185 million of deposits, in Idaho and Utah.
