Helena, Mont.-based Eagle Bancorp is buying Western Holding Company of Wolf Point, Mont., in a half-and-half cash and stock deal worth $13 million.
Western currently operates one branch in Wolf Point, and the acquisition will provide Opportunity with an additional $100 million in assets, $77 million in deposits, and $41 million in gross loans.
“This transaction presents a great opportunity for Eagle to expand our presence in the north eastern portion of the state,” said Peter J. Johnson, president and CEO of Eagle. “The combination provides the ability to create revenue and cost synergies while offering Western customers a broader product offering, increased lending limits, and an expanded branch delivery system that stretches throughout the state of Montana.”
Opportunity Bank will have, upon completion of the transaction in the fourth quarter, 22 retail branches in Montana. Duane Kurokawa, currently president of Western Holding Company of Wolf Point, will lead the new branch efforts in northeastern Montana.
“Being able to partner with a strong community bank that is focused on providing great customer service and has a deep commitment to the communities where it operates, is a great opportunity for us,” Kurokawa said.
Eagle was represented by Nixon Peabody LLP and Panoramic Capital Advisors, Inc. while Western Holding Company of Wolf Point was represented by Ballard Spahr LLP and Vining Sparks, IBG, LP.