HTLF - Glacier Bancorp Inc. Receives Regulatory Approval for Acquisition of Six Montana Branches From HTLF Bank | Benzinga
KALISPELL, Mont., April 18, 2024 (GLOBE NEWSWIRE) -- Glacier Bancorp, Inc. (NYSE:GBCI) today announced that its banking subsidiary, Glacier Bank, has received all regulatory approvals required to complete its previously announced acquisition of six Montana branch locations of HTLF Bank (the "Branches"), the bank subsidiary of Heartland Financial USA, Inc. (NASDAQ:HTLF). The transaction is expected to be completed in July 2024, subject to customary closing conditions.
The six branches Glacier Bank will acquire are:
- 2615 King Ave. W, Billings, MT
- 2929 3rd Ave. N, Billings, MT
- 2901 W Main St., Bozeman, MT
- 115 E First Ave, Plentywood, MT
- 220 Main St., Stevensville, MT
- 101 E Legion St., Whitehall, MT
As of March 31, 2024, the Branches had approximately $463 million in local deposits and $296 million in loans. The transaction is projected to be approximately $0.03 per share, or 1.6%, accretive to Glacier's 2024 estimated earnings per share, given the expected partial year impact and excluding one-time transaction-related expenses, and approximately $0.07 per share, or 3.1%, accretive to Glacier's 2025 estimated earnings per share.
"We are pleased to have quickly received the required regulatory approvals for this transaction and excited to be further expanding our Montana franchise with the strategic addition of these six branch locations across the state," stated Randy Chesler, President and CEO of GBCI and Glacier Bank. Chesler added, "This provides us the unique opportunity to further strengthen our leading presence in the state. In addition, the transaction provides immediate liquidity and will be meaningfully accretive to GBCI's earnings per share."
Upon closing of the ...