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Glacier in Montana to buy Bank of Idaho for $245 million

Glacier Bancorp in Kalispell, Mont., has agreed to buy Bank of Idaho Holding Co. in Idaho Falls.

The $28.2 billion-asset Glacier said in a press release that it will pay $245.4 million in stock for the $1.3 billion-asset Bank of Idaho. The deal, which is expected to close in the second quarter, priced the seller at 191.9% of its tangible book value.

Bank of Idaho has 15 branches, three mortgage offices, $1 billion of loans and $1.1 billion of deposits.

“This is a unique opportunity to find a bank that not only fits strategically within our existing footprint but will also meaningfully expand our presence in strong core growth markets for Glacier,” Randy Chesler, Glacier’s president and CEO, said in the release.

“Idaho is the fastest-growing state in the country and the addition of Bank of Idaho … will secure our position as the leading community bank in the state,” Chesler added.

The deal is expected to be 3% accretive to Glacier’s 2026 earnings per share. It should take less than a year for Glacier to earn back an estimated 0.4% dilution to its tangible book value.

Glacier plans to cut about 30% of Bank of Idaho’s annual noninterest expense. The company expects to incur $17.7 million of merger-related charges.

Glacier was advised by D.A. Davidson and Miller Nash. Bank of Idaho Holding Co. was advised by MJC Partners and Otteson Shapiro.

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