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News Breaks | | | | February 26, 2013 | | 05:39 EDT |  | GBCI | Glacier Bancorp acquires First State Bank in Wheatland, Wyoming
Glacier Bancorp announced the signing of a definitive agreement to acquire First State Bank, a community bank based in Wheatland, Wyoming. The boards of Glacier and Wheatland Bankshares, First State Bank's holding company, unanimously approved the transaction. The transaction provides for the payment to Wheatland Bankshares shareholders of $10.62M in cash and 1.65M shares of Glacier common stock, so long as the average closing price of Glacier stock is between $13.50-$16.50. Based on the closing price of $16.66 for Glacier shares on February 25, 2013, the transaction would result in the delivery of 1.64M shares and result in an aggregate value of $37.9M. As of December 31, 2012, Wheatland Bankshares had consolidated tangible equity of $25.95M and consolidated trailing twelve month earnings of $3.45M. Upon closing of the transaction, which is anticipated to take place in the second quarter, First State Bank will be merged into Glacier Bank and operate as a separate bank division doing business under its existing name. | |
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