Glacier Bancorp to acquire State Bank for $135.3M
Glacier Bancorp announced the signing of a definitive agreement to acquire State Bank Corp, the bank holding company for State Bank of Arizona, a community bank headquartered in Lake Havasu City, Arizona. The combined entity will operate as Foothills Bank, continuing its over 20 years of serving Arizona communities. As of June 30, 2019, State Bank of Arizona had total assets of $678.6M, total loans of $413.6M and total deposits of $592.0M. The boards of Glacier and SBC unanimously approved the transaction. The definitive agreement provides that upon closing of the transaction, SBC shareholders are to receive 0.3706 shares of Glacier stock and $1.69 in cash for each SBC share. Based on the closing price of $40.43 for Glacier shares on September 27, 2019, the transaction would result in an aggregate value of $135.3M, or $16.67 per share. Upon closing of the transaction, which is anticipated to take place late in Q4 of 2019 or early in Q1 of 2020, State Bank of Arizona will merge into Glacier's Foothills Bank Division and will expand Glacier's franchise footprint in Arizona. The transaction will be immediately accretive to Glacier's earnings per share, excluding one-time transaction-related expenses.