Glacier Bancorp has signed a definitive agreement to acquire FNB Bancorp, the holder of the First National Bank of Layton (First National Bank), a community bank in Utah.
The all stock deal, which is Glacier’s tenth transaction in the past six years, is valued at approximately $85m.
Details of FNB Bancorp acquisition
As per the terms of the acquisition, each share of FNB common stock will be exchanged for 0.6474 shares of Glacier common stock.
With six banking offices, FNB provides banking personal and business banking services in Utah. As of 30 September 2018, FNB had total assets of $326m, gross loans of $243m and total deposits of $278m.
Following the completion of the transaction, FNB’s First National Bank branches will merge into Glacier Bank’s four Utah branches to create a new division.
Glacier’s President and CEO Randy Chesler said: “We are excited for this opportunity to partner with FNB and expand Glacier’s presence in Utah.
“The addition of FNB, along with its long history, strong talent pool, and experienced community banking team helps further establish Glacier in Utah and set the stage for future growth.”
FNB president and CEO John Jones said: “By combining forces with Glacier, we will be able to expand our reach further in Utah plus we will have access to the resources and services of a much larger organisation, allowing us to serve our customers and communities well into the future.”
The acquisition, subject to customary closing conditions and regulatory approvals, is expected to close in the second quarter of 2019.
Since 2000, Glacier Bancorp has carried out 21 acquisitions including the FNB Bancorp deal.