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Glacier Bancorp Acquiring Treasure State Bank in Missoula

The acquisition marks Glacier Bancorp's 18th acquisition since 2000

By Beacon Staff

Glacier Bancorp, the parent company of Glacier Bank, is acquiring Treasure State Bank, a community bank based in Missoula.

The company announced the acquisition April 20.

The acquisition marks Glacier Bancorp’s 18th acquisition since 2000 and its sixth announced transaction in the past three years. Treasure State Bank provides banking services to individuals and businesses in the greater Missoula market. As of Dec. 31, 2015, Treasure State had total assets of $71 million, gross loans of $53 million and total deposits of $58 million.

The boards of Glacier and Treasure State Bank unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing.

Upon closing of the transaction, which is anticipated to take place in the third quarter of 2016, the branch of Treasure State Bank will be merged into Glacier Bank and become part of the First Security Bank banking division.

“We are delighted to be adding Treasure State Bank to the Glacier family of banks,” stated Mick Blodnick, Glacier’s president and chief executive officer.

“This is an exciting opportunity to expand our presence in Missoula by adding some very seasoned and knowledgeable bankers.” Blodnick added, “Treasure State Bank will be a really nice fit with our existing First Security Bank banking division. They also bring an outstanding branch office, solid earnings, strong customer relationships, and a solid core deposit base.”

Blodnick also noted that the transaction will be immediately accretive to Glacier’s earnings per share.

Jim Salisbury, chairman, president and CEO of Treasure State Bank, commented, “We are excited to become part of the Glacier family of banks. I am pleased to say that Glacier values our employees as much as we do, so our valued customers will see no change in the individual who will greet and service them with their banking needs. In addition, this partnership gives our customers access to Glacier ATMs and banking facilities throughout Missoula and the region. With approximately 70 percent of the transaction in the form of Glacier stock, our shareholders will be accepting shares in one of the best banks in the country that has a long proven record of performance, shareholder return, dividend payments and excellent market liquidity.”