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Glacier Bancorp (NYSE:GBCI) said Tuesday it agreed to acquire Community Financial Group (OTC:CFGW), a fellow regional lender located in Spokane, Washington State.
Upon closing of the transaction, which is expected to take effect in Q4, CFGW shareholders are to receive 1.0931 shares of GBCI stock for each CFGW share.
Based on the closing price of $33.97 for GBCI shares on Monday, the transaction would result in an aggregate value of $80.6M (inclusive of the value to CFGW stock option holders) and per share value of $37.13 per CFGW share.
A new community bank division, Wheatland Bank, is expected to be formed upon closing of the deal and will be combined with the existing North Cascades Bank division. CFGW is the bank holding company for Wheatland.
“Wheatland’s footprint complements our current presence in Eastern Washington, a market which has been experiencing tremendous growth,” said Glacier President and CEO Randy Chesler.
As of June 30, 2023, CFGW had total assets of $754M, loans of $475M and deposits of $609M.