Montana’s Glacier Financial is buying State Bank Corp., the bank holding company for State Bank of Arizona, Lake Havasu City, for $135.3 million.
State Bank of Arizona provides banking services to individuals and businesses in Arizona with ten banking offices located in Bullhead City, Cottonwood, Kingman, Lake Havasu City, Phoenix, Prescott Valley and Prescott. As of June 30, State Bank of Arizona had total assets of $678.6 million, total loans of $413.6 million and total deposits of $592.0 million.
After the deal closes in the fourth quarter or early next year, State Bank of Arizona will merge into Glacier Bank and operate as part of its Foothills Bank Division.
“We are excited about our acquisition of State Bank Corp. and its combination with our Foothills Bank Division, as it establishes a leading community bank in Arizona,” said Randy Cheslor, Glacier president and CEO. “State Bank Corp.’s low cost relationship based deposits enhances the overall funding profile of our Arizona franchise.”
Glacier was advised in the transaction by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Miller Nash Graham & Dunn LLP as legal counsel.
State Bank Corp. was advised by D.A. Davidson & Co. as financial advisor and Hogan Lovells US LLP as legal counsel.
The $12.7 billion Glacier has 175 banking offices in Montana, Idaho, Colorado, Utah, Washington, Wyoming, and Arizona.