BAWAG Group in Vienna, Austria, has agreed to buy Peak Bancorp in McCall, Idaho.
The $555 million-asset parent of Idaho First Bank said in a press release Wednesday that BAWAG is paying $65 million.
BAWAG, which offer financial services in Europe through various brands and delivery channels, will work with the bank’s existing leadership team continue expanding in Idaho and adjacent markets.
“We are extremely excited about the opportunity to join BAWAG Group, and are proud to be a focal point for its U.S. expansion efforts,” Todd Cooper, Peak’s president and CEO, said in the release.
“This partnership will allow us to continue serving our markets with a community first focus,” Cooper added. “We will be able to leverage BAWAG’s resources, depth, and diversification to better serve our communities and banking customers, while also providing exceptional value to Peak … shareholders.”