GBCI - Glacier Bancorp acquires Altabancorp in all-stock deal

Glacier Bancorp (GBCI) says it has signed a definitive agreement to acquire Altabancorp (ALTA) for $933.5M in an all-stock deal.On closing of the transaction, ALTA shareholders will receive 0.7971 shares of Glacier stock for each ALTA share based on the closing price of $61.51 for Glacier shares on May 17, 2021Altabancorp ((ALTA)) is the the bank holding company for Altabank, a community bank headquartered in American Fork, Utah. It had total assets of $3.5B, total loans of $1.8B and total deposits of $3.2B as of March 31, 2021.This marks the Glacier's second acquisition of a Utah-based bank in the last two years.Glacier says, "The acquisition will be immediately accretive to Glacier’s tangible book value per share and immediately accretive to Glacier's earnings per share, excluding one-time transaction-related expenses."The transaction is expected to close in Q4 2021, subject to regulatory approval. On completion, Altabank will become Glacier’s 17th bank division and will operate under its existing name.ALTA

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Glacier Bancorp acquires Altabancorp in all-stock deal