Glacier Bancorp to acquire Citizens
[NOTE: Bob Burch told me he still has issues related to his lease at the mall, so he says he can't call this a "move" - he's Burch's One-Hour Photo owner Bob Burch, center, is opening a new location in the Blue Cow retail center on Buffalo Hill. He is pictured in the new location talking with construction superintendent John Beck, who works for Martel Construction. The new location will be 2,600 square feet. Karen Nichols/Daily Inter Lake
Glacier Bancorp Inc. of Kalispell announced Wednesday the signing of an agreement to acquire Citizens Bank Holding Co. of Idaho for $17.2 million in cash and stock.
Citizens is a holding company for Citizens Community Bank, a commercial bank with approximately $110 million in assets and three banking offices in Pocatello and Idaho Falls, Idaho.
Glacier is a bank holding company with $3 billion in assets and 55 offices in Montana, Idaho, Utah and Washington.
According to Mick Blodnick, Glacier's president and chief executive officer, "This acquisition will give Glacier a significant presence in a market that is squarely in the middle of our existing markets in Boise and Sun Valley, northern Idaho, western Montana and northern Utah. It also fits very nicely with our recently announced expansion into western Wyoming."
In November, Glacier announced the purchase of First National Banks-West for $41 million, adding seven locations in western Wyoming and $240 million in assets.
Glacier is the parent company for seven community banks, including Glacier Bank, Kalispell; Glacier Bank, Whitefish; First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank; and Western Security Bank, Billings; as well as Mountain West Bank, Coeur d'Alene, with operations in Idaho, Utah and Washington.