People’s Utah Bancorp (PUB) is growing, having recently announced plans to acquire seven Banner Bank branch locations in Utah.
PUB announced that its banking subsidiary, People’s Intermountain Bank (PIB) has signed a purchase and assumption agreement to acquire roughly $260 million in loans and the seven branches from Banner Corp.’s banking subsidiary Banner Bank. The branches have approximately $180 million in low-cost deposits, PUB said.
Financial terms were not disclosed. The deposit premium is estimated to be $15.3 million based on average deposits at closing, PUB said.