Kalispell, Mont., announced plans last week to acquire Mountain West Bank in Coeur d'Alene, Idaho, for $16.3 million in stock.
Mountain West shareholders would receive 1.18 shares of Glacier stock for each share owned. The deal, announced Sept. 10, is valued at about $22 per share and represents 2.5 times Mountain West's book value.
Mountain West, a five-year-old bank with $87 million of assets and three branches, would operate as a Glacier subsidiary and retain its name, directors, and employees. Glacier, based about 200 miles from Coeur d'Alene, operates six bank subsidiaries with 24 branches. The deal would boost its assets to $935 million and give it a presence in one of Idaho's fastest-growing markets.
The transaction is expected to be completed in January.
-- Matt Andrejczak