Montana’s Glacier Bancorp is expanding into Nevada with its deal to buy Heritage Bancorp and its subsidiary Heritage Bank of Nevada, for $240.7 million.
As of Dec. 31, Heritage had total assets of $829.7 million, gross loans of $595.6 million and total deposits of $720.5 million. It has seven offices in northern Nevada: Carson City, Gardnerville, Reno and Sparks. The deal is expected to close in the third quarter.
“This is a rare opportunity to expand our presence into Northern Nevada, a fast growing market with a diverse economy that is continually attracting substantial investment from large technology and growth companies,” said Randy Chesler, president and CEO of Kalispell-based Glacier. “Reno’s convenient positioning near the San Francisco Bay Area has created a natural migration of residents seeking a lower cost, business friendly location.”
The acquisition marks Glacier’s 22nd announced acquisition since 2000 and its 11th announced transaction in the past six years.
The $12 billion Glacier operates its charter under 15 different names in Montana, Idaho, Utah, Wyoming, Washington, Colorado and Arizona.
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.
Heritage was advised by D.A. Davidson & Co. as financial advisor and Luse Gorman, PC as legal counsel.