Glacier Bancorp, Inc. Completes Acquisition of Altabancorp in American Fork, Utah
October 01 2021 - 8:00AM
Business Wire
Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NASDAQ:
GBCI) today announced the completion of its acquisition of
AltabancorpTM (“ALTA”) (NASDAQ: ALTA), the bank holding company for
AltabankTM, the largest community bank in Utah. Altabank provides
banking services to individuals and businesses throughout Utah and
southern Idaho with 25 branch locations from Preston, Idaho to St.
George, Utah, and will operate as the newest banking division of
Glacier Bank under the name “Altabank, Division of Glacier Bank”.
Randy Chesler, Glacier's President and Chief Executive Officer,
commented, "We are excited to welcome Altabank and their
shareholders to the Glacier family and are very pleased with how
smoothly the transaction process went and that the acquisition
closed ahead of schedule.” At June 30, 2021, ALTA had total assets
of $3.5 billion, total loans of $1.9 billion and total deposits of
$3.2 billion. With the addition of ALTA, on a pro forma combined
basis, Glacier would have total assets of $24.0 billion, total
loans of $13.1 billion and total deposits of $19.9 billion at June
30, 2021.
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. is the parent company for Glacier Bank and
its bank divisions located across its eight state Western U.S.
footprint: 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), North Cascades Bank
(Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena
(Helena, MT), and Western Security Bank (Billings, MT).
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 ALTA,
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 ALTA operate; uncertainties regarding the ability of
Glacier Bank and Altabank 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005124/en/
Randall M. Chesler (406) 751-4722 Ron J. Copher (406)
751-7706
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