Glacier Bancorp Completes Acquisition of Community Financial Group, Inc. in Spokane, Washington
February 01 2024 - 4:30PM
Glacier Bancorp, Inc. (“Glacier”) (NYSE: GBCI), today announced the
completion of its acquisition of Community Financial Group, Inc.
(“CFGW”) (OTC: CFGW), the bank holding company for Wheatland Bank
headquartered in Spokane, Washington. A new division, “Wheatland
Bank, a Division of Glacier Bank” will be formed and the existing
North Cascades division will be combined into Wheatland Bank. The
Wheatland Bank division will operate through 23 branches in Central
and Eastern Washington and will be a Top 5 community bank by
deposit market share. As of September 30, 2023, Wheatland had total
assets of $763 million, total loans of $491 million, and total
deposits of $609 million.
Wheatland Bank, a Division of Glacier Bank, will
operate under the leadership of Susan M. Horton, who served as the
President and Chief Executive Officer of Wheatland Bank for more
than 20 years. Customers of the new Wheatland Bank division will
benefit from enhanced service accessibility in all key markets, as
well as a more diverse suite of technology, products, and
services.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for
Glacier Bank and its bank Divisions: Altabank (American Fork, UT),
Bank of the San Juans (Durango, CO), Citizens Community Bank
(Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First
Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell,
WY), First Community Bank Utah (Layton, UT), First Security Bank
(Bozeman, MT), First Security Bank of Missoula (Missoula, MT),
First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT),
Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur
d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank of Helena
(Helena, MT), Western Security Bank (Billings, MT), and Wheatland
Bank (Spokane, WA).
Visit Glacier’s website at
www.glacierbancorp.com.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
words such as “estimate,” “expect,” “will,” and similar references
to future periods. Such forward-looking statements include but are
not limited to statements regarding the potential benefits of the
business combination transaction involving Glacier and CFGW,
including future financial and operating results, the combined
company’s plans, objectives, expectations and intentions, and other
statements that are not historical facts regarding either company
or the combination of the companies. These forward-looking
statements are subject to risks and uncertainties, many of which
are outside of our control, that may cause actual results or events
to differ materially from those projected, including but not
limited to the following: risks that the benefits from the
transaction may not be fully realized or may take longer to realize
than expected, including as a result of changes in general economic
and market conditions, interest and exchange rates, monetary
policy, laws and regulations and their enforcement, and the degree
of competition in the geographic and business areas in which
Glacier and CFGW operate; uncertainties regarding the ability of
Glacier and CFGW to promptly and effectively integrate their
businesses; uncertainties regarding the reaction to the transaction
of the companies’ respective customers, employees, and
counterparties; and risks relating to the diversion of management
time on merger-related issues. Readers are cautioned not to place
undue reliance on the forward-looking statements, which speak only
as of the date on which they are made and reflect management’s
current estimates, projections, expectations and beliefs. Glacier
undertakes no obligation to publicly revise or update the
forward-looking statements to reflect events or circumstances that
arise after the date of this report. For more information, see the
risk factors described in Glacier’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other filings with the SEC.
CONTACT: |
Randall M.
Chesler |
|
(406) 751-4722 |
|
|
|
Ron J. Copher |
|
(406) 751-7706 |
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