Kalispell, Mont.-based Glacier Bancorp will acquire Bank of Idaho Holding Co. later this year for $245.4 million.
Bank of Idaho Holding Co. is the holding company of $1.3 billion, Idaho Falls-based Bank of Idaho.
The acquisition is expected to close in the second quarter of this year, with Bank of Idaho operations in three regions joining three Glacier divisions: Operations in Eastern Idaho will combine with Citizens Community Bank; Boise operations will join Coeur d’Alene, Idaho-based Mountain West Bank; and eastern Washington operations will join Spokane, Wash.-based Wheatland Bank.
The acquisition is Glacier’s 26th bank acquisition since 2000 and its 12th announced deal in the past 10 years.
Bank of Idaho shareholders are expected to receive 1.100 shares of Glacier stock for each BOID share.
“Idaho is the fastest-growing state in the country and the addition of Bank of Idaho to our existing Mountain West Bank and Citizens Community Bank divisions will secure our position as the leading community bank in the state,” said Randy Chesler, president and CEO of the $28.1 billion Glacier Bank.