AltaBank acquired by Glacier Bancorp
PRESS RELEASE: AMERICAN FORK, UTAH–(BUSINESS WIRE)– AltabancorpTM (Nasdaq: ALTA) (the “Company” or “Alta”) announced today the signing of a definitive agreement with Glacier Bancorp, Inc. (“Glacier” or the “Company”) (Nasdaq: GBCI) to acquire Alta, the bank holding company for AltabankTM, a community bank headquartered in American Fork, Utah. The acquisition marks Glacier’s 24th announced acquisition since 2000 and its 7th announced transaction in the past five years. This also marks Glacier’s second acquisition of a Utah-based bank in the last two years, completing the acquisition of First Community Bank based in Layton, Utah in 2019. Altabank provides banking services to individuals and businesses throughout Utah and southern Idaho with 25 branch locations from Preston, Idaho to St. George, Utah. As of March 31, 2021, Alta had total assets of $3.5 billion, total loans of $1.8 billion and total deposits of $3.2 billion.
The boards of Glacier and Alta unanimously approved the transaction, which is subject to regulatory approval, Alta shareholder approval, and other customary conditions of closing. Glacier has obtained voting agreements from Alta’s Directors, Executive Officers and Principal Shareholders, including members of the Gunther family. The definitive agreement provides that upon closing of the transaction, Alta shareholders are to receive 0.7971 shares of Glacier stock for each Alta share. Based on the closing price of $61.51 for Glacier shares on May 17, 2021, the transaction would result in an aggregate value of $933.5 million. Upon closing of the transaction, which is anticipated to take place in the fourth quarter of 2021, Altabank will become Glacier’s 17th bank division, and will operate under its existing name.
“We are excited and proud to welcome Altabank to the Glacier family of banks,” said Randy Chesler, Glacier’s President and Chief Executive Officer. “This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.” Chesler also noted that “This acquisition is consistent with our history of adding high quality community banks to our proven banking model. Altabank has been serving customers in Utah for over 100 years and has developed a leading position and lasting legacy in the markets it serves.”
The transaction will be immediately accretive to Glacier’s tangible book value per share and immediately accretive to Glacier’s earnings per share, excluding one-time transaction-related expenses.
Len Williams, President and CEO of Alta, commented, “Altabank has been a market leader in Utah for decades. In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was an undeniably great one for us. Becoming part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, all while maintaining our local autonomy.”