Glacier Bancorp, Inc. Announces Acquisition of Columbine Capital Corp. in Buena Vista, Colorado
June 06 2017 - 7:00PM
Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NASDAQ:GBCI)
today announced the signing of a definitive agreement to acquire
Columbine Capital Corp. (“Columbine”), the bank holding company for
Collegiate Peaks Bank, a community bank based in Buena Vista,
Colorado. The acquisition marks Glacier’s 19th acquisition since
2000, its eighth transaction in the past five years, and its fourth
transaction in the state of Colorado. Collegiate Peaks Bank
provides banking services to businesses and individuals in the
Mountain and Front Range communities of Colorado with five banking
offices located in Aurora, Buena Vista, Denver and Salida. As of
March 31, 2017, Collegiate Peaks Bank had total assets of $469
million, gross loans of $331 million and total deposits of $401
million. In the state of Colorado, the combination of
Glacier’s existing Bank of the San Juans and Collegiate Peaks Bank
would exceed $875 million in gross loans and $1.1 billion in total
deposits as of March 31, 2017.
The boards of Glacier and Columbine unanimously approved the
transaction, which is subject to required regulatory approvals,
Columbine shareholder approval, and other customary conditions of
closing. The transaction provides for the payment to Columbine
shareholders of a total of $15.7 million in cash and 1,717,229
shares of Glacier common stock. Based on the closing price of
$32.88 for Glacier shares on June 6, 2017, the transaction would
result in an aggregate value of $73.9 million (including the value
of Columbine options assumed by Glacier). Upon closing of the
transaction, which is anticipated to take place in the first
quarter of 2018, Collegiate Peaks Bank will be merged into Glacier
Bank and operate as a separate banking division under its existing
name and with its existing team.
“We have long admired the community banking franchise that the
Collegiate Peaks team has built over many years,” stated Randy
Chesler, President and Chief Executive Officer of Glacier. “We
strongly believe in the prospects of the Colorado market and
Collegiate Peaks is a great partner to further expand our presence
in the Mountains and along the Front Range.”
David Boyles, Chairman of Columbine commented, “We are excited
to be partnering with such a well-respected company. Glacier and
Collegiate Peaks approach banking in a similar way, and I know that
their dedication to excellence will help us continue to grow our
organization and serve our customers, communities and
employees.”
Glacier management will review additional information regarding
the transaction in a conference call beginning at 9 a.m. Mountain
Time on Wednesday, June 7, 2017. The call may be accessed by
dialing (877) 561-2748 and the conference ID is 35954713. A slide
presentation to accompany management’s commentary may be accessed
from Glacier’s June 7, 2017 8-K filing with the SEC or at
http://www.snl.com/IRWebLinkX/presentations.aspx?iid=1023792.
Glacier was advised in the transaction by Keefe, Bruyette &
Woods, A Stifel Company, as financial advisor and Miller Nash
Graham & Dunn LLP as legal counsel. Columbine was advised by
D.A. Davidson & Co. as financial advisor and Fairfield and
Woods P.C. as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is a regional bank holding company
providing commercial banking services in 91 communities in Montana,
Idaho, Utah, Washington, Wyoming, Colorado, and Arizona. Glacier
Bancorp, Inc. is headquartered in Kalispell, Montana and is the
parent company for Glacier Bank, Kalispell and Bank divisions First
Security Bank of Missoula; Valley Bank of Helena; Big Sky Western
Bank, Bozeman; Western Security Bank, Billings; and First Bank of
Montana, Lewistown, all operating in Montana; as well as Mountain
West Bank, Coeur d'Alene operating in Idaho, Utah and Washington;
Citizens Community Bank, Pocatello, operating in Idaho; 1st Bank,
Evanston, operating in Wyoming and Utah; First Bank of Wyoming,
Powell and First State Bank, Wheatland, each operating in Wyoming;
North Cascades Bank, Chelan, operating in Washington; Bank of the
San Juans, Durango, operating in Colorado; and The Foothills Bank,
Yuma, operating in Arizona.
Visit Glacier’s website at http://www.glacierbancorp.com
Forward-Looking Statements
This news release includes forward-looking
statements, which describe management's expectations regarding
future events and developments such as the benefits of the business
combination transaction involving the Company and Columbine,
continued success of the Company's style of banking and the
strength of the local economies in which it operates. Future events
are difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual
results to differ materially and adversely. In addition to
discussions about risks and uncertainties set forth from time to
time in the Company's public filings, factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) local, national and international economic
conditions are less favorable than expected or have a more direct
and pronounced effect on the Company than expected and adversely
affect the company's ability to continue its internal growth at
historical rates and maintain the quality of its earning assets;
(2) projected business increases following strategic expansion or
opening or acquiring new banks and/or branches are lower than
expected; (3) costs or difficulties related to the integration of
acquisitions are greater than expected; or (4) legislation or
regulatory requirements or changes adversely affect the businesses
in which the Company is engaged.
Contact:
Randall M. Chesler
(406) 751-4722
Ronald J. Copher
(406) 751-7706
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