Montana-based Glacier Bancorp has signed a deal to acquire FNB Bancorp, the bank holding company for The First National Bank of Layton, Utah, for $85 million.
FNB provides banking services to individuals and businesses throughout Utah with six banking offices located in Layton, Bountiful, Clearfield, and Draper. As of Sep. 30, FNB had total assets of $326 million, gross loans of $243 million and total deposits of $278 million.
“We are excited for this opportunity to partner with FNB and expand Glacier’s presence in Utah,” said Randy Chesler, Glacier’s President and Chief Executive Officer, “The addition of FNB, along with its long history, strong talent pool, and experienced community banking team helps further establish Glacier in Utah and set the stage for future growth.”
Branches of First National Bank, along with Glacier Bank’s four existing branches operating in Utah, will operate as a new Glacier Bank division headquartered in Utah. The new division, with more than $500 million in assets, will rank seventh in total Utah deposit market share among community banks.
The acquisition, expected to close in the second quarter, is Glacier’s 21st since 2000 and its tenth transaction in the past six years.
Glacier was advised in the transaction by Piper Jaffray & Co. as financial advisor and Miller Nash Graham & Dunn LLP as legal counsel. FNB was advised by Sandler O’Neill + Partners, L.P. as financial advisor and Sheppard, Mullin, Richter & Hampton LLP as legal counsel.