Glacier buys Wyoming bank chain

Glacier Bancorp Inc., the parent company of Glacier Bank, has announced an agreement to acquire First National Banks-West Co. in an all-cash transaction valued at $41 million.

First National is a bank holding company for First National Bank-West, a commercial bank with approximately $240 million in assets and seven Wyoming locations: Evanston (two), Kemmerer, Mountain View, Pinedale, Alpine and Afton.

The boards of both companies approved the transaction, which is subject to regulatory approval and other conditions. First National will continue to operate under its current name and will retain all employees and existing management.

"This is a well-run bank that is located in some very attractive markets," Mick Blodnick, Glacier's president and chief executive officer, said in a written statement. "This acquisition will give Glacier a leading presence in a market that is contiguous to both our existing northern Utah offices and our developing Idaho markets."

Glacier Bancorp owns Glacier Bank in Kalispell and Whitefish, First Security Bank of Missoula, Valley Bank of Helena, Big Sky Western Bank and Western Security Bank of Billings, as well as Mountain West Bank Coeur d' Alene, with operations in Idaho, Utah and Washington.

Glacier has $3 billion in assets and 55 offices.