Eagle Bancorp Montana Completes Acquisition of Seven Sterling Savings Bank Montana Branches
November 30 2012 - 3:00PM
Business Wire
Eagle Bancorp Montana, Inc. (NASDAQ: EBMT) and its wholly-owned
subsidiary, American Federal Savings Bank (collectively “Eagle”)
today announced the completion of the acquisition of seven branch
banking locations from Sterling Savings Bank, a wholly-owned
subsidiary of Sterling Financial Corporation (NASDAQ: STSA)
effective November 30, 2012.
The transaction expands Eagle’s franchise to 13 branches and
extends its branch network throughout Southern Montana. In
addition, the transaction also strengthens Eagle’s mortgage
origination franchise and adds a wealth management business
headquartered in Bozeman. Of the seven acquired branches six are in
new markets for Eagle, including two in Missoula, one in Billings,
and one each in Hamilton, Livingston and Big Timber. The seventh is
in Bozeman where Eagle already has a presence.
Eagle acquired approximately $180.9 million of deposits for a
premium of 3.88%, or approximately $7.0 million. Additionally,
Eagle purchased approximately $41.3 million of pass-rated,
performing loans. It is expected that the transaction will be
immediately accretive to Eagle’s earnings per share.
About Eagle
Eagle Bancorp Montana, Inc. is a bank holding company
headquartered in Helena, Montana and is the holding company of
American Federal Savings Bank, a community bank established in 1922
that serves consumers and small businesses in Southern Montana
through 13 banking offices. Additional information is available on
the bank’s website at www.americanfederalsavingsbank.com. The
shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ
Global Select Market under the symbol “EBMT.”
Forward-Looking Statements
This release may contain certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, and may be
identified by the use of such words as "believe," "expect,"
"anticipate," "should," "planned," "estimated," and "potential."
These forward-looking statements include, but are not limited to
statements of our goals, intentions and expectations. These
forward-looking statements are based on current beliefs and
expectations of our management and are inherently subject to
contingencies, many of which are beyond our control. Actual and
anticipated future results may vary due to certain risks and
uncertainties, including, without limitation; our ability to
successfully integrate acquired businesses including the branches
and other operations acquired from Sterling Savings Bank; changes
in laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees and capital
requirements; general economic conditions, either nationally or in
our market areas, that are worse than expected; competition among
depository and other financial institutions; loan demand or
residential and commercial real estate values in Montana; inflation
and changes in the interest rate environment that reduce our
margins or reduce the fair value of financial instruments; adverse
changes in the securities markets; and other economic,
governmental, competitive, regulatory and technological factors
that may affect our operations; and other risks or uncertainties
detailed in the Company’s Annual Report on Form 10-K for the fiscal
year ended June 30, 2012 and other periodic filings with the
Securities and Exchange Commission and available at the SEC’s
website at http://www.sec.gov.
We wish to caution you that these factors could affect our
financial performance and could cause actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company undertakes no duty or obligation to update this
information in the future.
Satsuma Pharmaceuticals (NASDAQ:STSA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Satsuma Pharmaceuticals (NASDAQ:STSA)
Historical Stock Chart
From Jul 2023 to Jul 2024