Kalispell, Mont.-based Glacier Bancorp is acquiring Spokane, Wash.-based Community Financial Group, Inc.
Community Financial Group is the $754 million holding company for eastern Washington-based Wheatland Bank. After the deal closes, Wheatland Bank will join Glacier Bank under its North Cascades Bank division under the leadership of current Wheatland President and CEO Susan Horton.
The deal is expected to close in the fourth quarter. “Wheatland’s footprint complements our current presence in eastern Washington, a market which has been experiencing tremendous growth,” said Glacier President and CEO Randy Chesler. “We have truly admired the impact this franchise has had on its community, and are focused on maintaining and growing the relationships it has developed with its customers.
Horton said the merger will allow Wheatland “to become a top five eastern Washington bank. This partnership will cement Wheatland Bank’s legacy, strengthen our position in the marketplace and create more opportunity for all stakeholders.”
The acquisition is Glacier Bancorp’s 25th since 2000 and its 13th in the past decade. With the acquisition, Glacier Bancorp will grow to a $28 billion company with 17 divisions in eight states. In 2021, Glacier Bancorp acquired American Fork, Utah-based Altabancorp, which was the largest community bank in the state at $3.5 billion.
The previous year, the bank completed its acquisition of State Bank Corp., which was the bank holding company for $677 million, Lake Havasu City, Az.-based State Bank of Arizona.