Glacier Bancorp Inc., headquartered in Kalispell, Montana, has acquired First National Bank of Layton (FNB) and its holding company, FNB Bancorp. The purchase of the Layton-based bank is Glacier’s 21st acquisition since 2000 and its 10th transaction in the past six years. FNB has six banks with locations in Layton, Bountiful, Clearfield and Draper and had total assets of $326 million on Sept. 30. It had outstanding loans of $243 million and total deposits of $278 million.{mprestriction ids="1,3"}
The boards of Glacier and FNB have unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing. The agreement provides that, upon closing of the transaction, each share of FNB common stock is expected to be exchanged for 0.6474 shares of Glacier common stock. Based on the closing price of $41.55 for Glacier shares on Jan. 15, the transaction would have a value of $85 million. Closing is expected in the second quarter.
The branches of First National Bank, along with Glacier Bank’s four existing branches operating in Utah, will operate as a new Glacier Bank division headquartered in Utah. The division will rank No. 7 in total Utah deposit market share among community banks, Glacier said.
“We are excited for this opportunity to partner with FNB and expand Glacier’s presence in Utah,” said Randy Chesler, Glacier’s president and CEO. “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.”
John Jones, president and CEO of FNB, said, “We’re proud that Glacier Bancorp recognizes our legacy and leadership and that they want us to join them while continuing to focus on our local customers and communities as we always have. The growth here in Utah is unprecedented and exciting. 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 organization, allowing us to serve our customers and communities well into the future.”
Glacier Bancorp is the parent company for Glacier Bank in 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.{/mprestriction}
