Glacier Bancorp Announces Acquisition of Bank of Idaho
Deal News | Jan 13, 2025 | EIN
Glacier Bancorp, Inc. has announced a definitive agreement to acquire Bank of Idaho Holding Co., marking its 26th bank acquisition since 2000. The transaction, subject to regulatory and shareholder approval, aims to close in the second quarter of 2025. At the time of announcement, Bank of Idaho possessed total assets of $1.3 billion. Upon closure, its operations will integrate into Glacier Bancorp's regional divisions, further expanding Glacier Bancorp's footprint in Idaho and Eastern Washington. The deal is valued at approximately $245.4 million, with BOID shareholders receiving 1.100 shares of Glacier stock for each BOID share, translating to a per-share value of $52.47 based on Glacier's recent stock price. Both Glacier and BOID see this acquisition as strategically beneficial, enhancing their community bank model. Financial and legal advisories involved in the transaction include D.A. Davidson & Co. and Miller Nash LLP for Glacier, with MJC Partners and Otteson Shapiro LLP advising BOID.
Sectors
- Banking
- Financial Services
Geography
- United States – The acquisition involves companies with headquarters in Montana and Idaho, indicating its focus within the United States.
- Idaho – As the target bank holding company is headquartered in Idaho, this geography is particularly pertinent.
Industry
- Banking – The article discusses the acquisition of a bank holding company, which directly pertains to the banking industry.
- Financial Services – The acquisition involves financial services entities, highlighting their role in offering a variety of financial products and services.
Financials
- 245.4 million – The aggregate consideration for the acquisition of Bank of Idaho by Glacier Bancorp.
- 1.1 shares of Glacier stock per BOID share – The stock exchange ratio provided to BOID shareholders in the transaction.
- 1.3 billion – Total assets of Bank of Idaho as of September 30, 2024.
- 52.47 – Value per BOID share in the transaction based on Glacier's stock price as of January 10, 2025.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Glacier Bancorp, Inc. | Bidding Company | Company | Glacier Bancorp is an American bank holding company based in Kalispell, Montana. |
| Bank of Idaho Holding Co. | Target Company | Company | The bank holding company for Bank of Idaho, headquartered in Idaho Falls, Idaho. |
| D.A. Davidson & Co. | Financial Advisor | Company | Advised Glacier Bancorp in the transaction. |
| Miller Nash LLP | Legal Advisor | Company | Provided legal counsel to Glacier Bancorp for the acquisition. |
| MJC Partners | Financial Advisor | Company | Provided financial advisory services to Bank of Idaho Holding Co. in the transaction. |
| Otteson Shapiro LLP | Legal Advisor | Company | Provided legal counsel to Bank of Idaho Holding Co. |
| Randy Chesler | CEO of Glacier Bancorp | Person | President and CEO of Glacier Bancorp, involved in making the acquisition announcement. |
| Jeff Newgard | CEO of Bank of Idaho | Person | Chairman, President, and CEO of Bank of Idaho, involved in the acquisition discussion. |