Montana’s Glacier Bancorp is acquiring Altabancorp and its subsidiary Altabank in American Fork, Utah, in a deal worth $933.5 million.
As of March 31, Altabank had assets of $3.5 billion, loans of $1.8 billion and deposits of $3.2 billion.It has 25 branch locations inUtah and southern Idaho.
“This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state,” said Randy Chesler, president and CEO of the $18.5 billion Glacier. “We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.”
After the deal closes in the fourth quarter, Altabank will continue to operate under its name as a division of Glacier.
“Altabank has been a market leader in Utah for decades,” said President and CEO Len Williams. “In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was an undeniably great one for us. Becoming part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, all while maintaining our local autonomy.”
The acquisition marks Kalispell-based Glacier’s 24th acquisition since 2000 and its 7th transaction in the past five years. This also marks Glacier’s second acquisition of a Utah-based bank in the last two years, having bought First Community Bank in Layton, Utah, in 2019.
Glacier was advised in the transaction by D.A. Davidson & Co. as financial advisor and Miller Nash Graham & Dunn LLP as legal counsel. Altabancorp was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Jones Day as legal counsel.