Glacier Bancorp Inc. in Kalispell, Mont., has made its first deal for a Utah bank.
The $3.8 billion-asset Glacier said Wednesday that it plans to buy the $70 million-asset First National Bank of Morgan for $20 million in cash and stock.
The deal would also be the first for a Utah community bank since 2000, Glacier said.
The two-branch First National would operate under a separate charter and retain its name, its board, and its employees, as do most of the banks that Glacier acquires. Stan Nielsen would remain First National's president and chief executive, and Mick Blodnick, Glacier's president and CEO, would become a director at the bank. The deal is expected to close at the end of this quarter or in the third quarter.
First National would be Glacier's first bank chartered in Utah. Another Glacier unit, Mountain West Bank in Coeur d'Alene, Idaho, has branches in Brigham City and Park City, Utah.
Glacier said in April that it would buy the $430 million-asset Citizens Development Co. in Billings, Mont., for about $77 million in cash and stock. That deal is expected to close in July or August. Citizens owns five banks in central Montana. They would operate under their current charters until next year, when they would be merged into Glacier's unit in their respective markets.
Last year Glacier bought the $240 million-asset First National Banks-West Co. in Evanston, Wyo.; the $113 million-asset Citizens Bank Holding Co. in Pocatello, Idaho; and the $142 million-asset Thompson Falls Holding Co. in Montana.
