Glacier Bancorp, Inc. Announces Acquisition Of heritage Bancorp in Reno, Nevada
April 03 2019 - 9:00PM
Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NASDAQ:GBCI)
today announced the signing of a definitive agreement to acquire
Heritage Bancorp (“Heritage”), the bank holding company for
Heritage Bank of Nevada, a community bank based in Reno, Nevada.
The acquisition marks Glacier’s 22nd announced acquisition since
2000 and its 11th announced transaction in the past six years.
Heritage Bank of Nevada provides banking services to individuals
and businesses throughout Northern Nevada with seven banking
offices located in Carson City, Gardnerville, Reno and Sparks. As
of December 31, 2018, Heritage Bank of Nevada had total assets of
$829.7 million, gross loans of $595.6 million and total deposits of
$720.5 million.
The boards of Glacier and Heritage unanimously
approved the transaction, which is subject to regulatory approval
and other customary conditions of closing. The definitive agreement
provides that upon closing of the transaction, Heritage
shareholders are to receive 4.00 shares of Glacier stock and $12.00
in cash for each Heritage share. Based on the closing price of
$41.19 for Glacier shares on April 3, 2019, the transaction would
result in an aggregate value of $240.7 million (including the value
of Heritage options). Upon closing of the transaction, which is
anticipated to take place in the third quarter of 2019, Heritage
Bank of Nevada will become Glacier’s 16th bank division and will
expand Glacier’s franchise footprint into Nevada.
"We are proud and excited to be adding Heritage
to the Glacier family of banks,” stated Randy Chesler, Glacier's
President and Chief Executive Officer. “This is a rare opportunity
to expand our presence into Northern Nevada, a fast growing market
with a diverse economy that is continually attracting substantial
investment from large technology and growth companies. Reno’s
convenient positioning near the San Francisco Bay Area has created
a natural migration of residents seeking a lower cost, business
friendly location.” Chesler added, "Heritage is consistent with our
history of adding high quality community banks to our proven
banking model. Heritage has proven lending talent, dedicated
employees, deep market knowledge and strong customer
relationships.”
The transaction will be immediately accretive to
Glacier's earnings per share, excluding one-time
transaction-related expenses.
Stan Wilmoth, President and CEO of Heritage,
commented, “We are pleased to announce a partnership with Glacier
Bancorp. Glacier’s community banking model aligns very well with
our culture and approach to banking. Glacier will enhance and
expand the banking experience for our customers. We are excited to
join the Glacier team and look forward to the opportunities and
benefits this combination will bring to our clients, employees, and
shareholders.”
Glacier management will review additional
information regarding the transaction on a conference call
beginning at 9:00 a.m. Mountain Time on Thursday, April 4, 2019.
The call may be accessed by dialing (877) 561-2748 and the
conference ID is 3692692. A slide presentation to accompany
management’s commentary may be accessed from Glacier’s April 4,
2019 8-K filing with the SEC or at
http://www.snl.com/IRW/Docs/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. Heritage was
advised by D.A. Davidson & Co. as financial advisor and Luse
Gorman, PC as legal counsel.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for
Glacier Bank, Kalispell and its bank divisions: First Security Bank
of Missoula; Valley Bank of Helena; Western Security Bank,
Billings; First Bank of Montana, Lewistown; and First Security
Bank, Bozeman, all operating in Montana; as well as Mountain West
Bank, Coeur d’Alene, operating in Idaho, Utah and Washington; First
Bank, Powell, operating in Wyoming and Utah; Citizens Community
Bank, Pocatello, operating in Idaho; Bank of the San Juans,
Durango, and Collegiate Peaks Bank, Buena Vista, both operating in
Colorado; First State Bank, Wheatland, operating in Wyoming; North
Cascades Bank, Chelan, operating in Washington; 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 Glacier and Heritage, continued
success of Glacier’s style of banking and the strength of the local
economies in which Glacier 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 Glacier’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 Glacier than expected and adversely affect Glacier’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 Glacier is engaged.
Contact:Randall M. Chesler(406) 751-4722
Ronald J. Copher(406) 751-7706
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