The Bank Slate


Glacier to buy Wheatland Bank in eastern Washington

Glacier Bancorp in Kalispell, Mont., has agreed to buy Community Financial Group in Spokane, Wash.

The $28 billion-asset Glacier said in a press release that it will pay $80.6 million in stock for the $754 million-asset parent of Wheatland Bank. The deal, which is expected to close in the fourth quarter, valued the seller at 161% of its tangible book value.

The acquisition would be the 13th for Glacier over the past decade.

Wheatland has 14 branches, $475 million of loans and $609 million of deposits.

Susan Horton, Wheatland’s president and CEO, will operate a new division of Glacier. The North Cascades Bank division will be combined with the Wheatland Bank division.

“Wheatland’s footprint complements our current presence in eastern Washington, a market which has been experiencing tremendous growth,” banks,” Randy Chesler, Glacier’s president and CEO, said in the release

“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,” Chesler added.

The deal is expected to be 3.4% accretive to Glacier’s 2024 earnings per share. It should take less than a year to earn back any dilution to Glacier’s tangible book value.

Glacier plans to cut about a fifth of Community Financial’s annual operating expenses. It expects to incur $7.3 million of merger-related expenses. 

Glacier was advised by Keefe, Bruyette & Woods and Miller Nash. CFGW was advised by Piper Sandler and Otteson Shapiro.

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