National Bank Holdings in Denver has agreed to buy Bancshares of Jackson Hole in Jackson Hole, Wyo.
The $7.2 billion-asset National Bank said in a press release Friday that it will pay $230 million in cash and stock for the $1.6 billion-asset parent of Bank of Jackson Hole. The deal, which is expected to close in the second half of this year, priced Bancshares of Jackson Hole at 196% of its tangible book value.
“We are pleased to welcome a high-quality franchise with strong ties to their communities into the NBH family,” Tim Laney, National Bank’s chairman, president and CEO, said in the release.
“Bank of Jackson Hole brings a successful trust business, a deep commitment to the local community and exceptional client service,” Laney added. “By gaining entry into the fast-growing Jackson Hole and Boise markets, we strengthen our position as the premier Rocky Mountain regional bank focused on commercial and business banking.”
Pete Lawton, Bank of Jackson Hole’s chairman and CEO, will continue to lead the bank in Wyoming and serve in a strategic leadership role at NBH Bank.
National Bank expects to incur $9.2 million of merger-related expenses.
It should take less than three years for National Bank to earn back any dilution of its tangible book value.
BofA Securities and Squire Patton Boggs (US) advised National Bank. D.A. Davidson and Fenimore Kay Harrison advised Bancshares of Jackson Hole.