Bank of Idaho in Idaho Falls has agreed to sell its trust and wealth management division to Idaho Trust Co. in Boise.
The $1.3 billion-asset Bank of Idaho said the sale should close in the first quarter; the price wasn’t disclosed. The bank said the sale allows it to focus on its core business of commercial and personal banking.
“Our priority has always been to provide our customers with the best possible financial solutions,” Jeff Newgard, Bank of Idaho’s chairman, president and CEO, said in a press release.
“We are confident our clients will benefit from an expanded suite of services and the exceptional expertise of a team widely recognized for their dedication to trust and wealth management,” Newgard added.
MJC Partners and Otteson Shapiro advised Bank of Idaho. Hawley Troxell advised Idaho Trust.