The acquisition marks Glacier’s 19th acquisition since 2000, its eighth transaction in the past five years, and its fourth transaction in the state of Colorado. Collegiate Peaks Bank provides banking services to businesses and individuals in the Mountain and Front Range communities of Colorado with five banking offices located in Aurora, Buena Vista, Denver and Salida.
As of March 31, 2017, Collegiate Peaks Bank had total assets of $469 million, gross loans of $331 million and total deposits of $401 million.
In the state of Colorado, the combination of Glacier’s existing Bank of the San Juans and Collegiate Peaks Bank would exceed $875 million in gross loans and $1.1 billion in total deposits as of March 31, 2017.
The boards of Glacier and Columbine unanimously approved the transaction, which is subject to required regulatory approvals, Columbine shareholder approval, and other customary conditions of closing.
The transaction provides for the payment to Columbine shareholders of a total of $15.7 million in cash and 1,717,229 shares of Glacier common stock. Based on the closing price of $32.88 for Glacier shares on June 6, 2017, the transaction would result in an aggregate value of $73.9 million (including the value of Columbine options assumed by Glacier).
Upon closing of the transaction, which is anticipated to take place in the first quarter of 2018, Collegiate Peaks Bank will be merged into Glacier Bank and operate as a separate banking division under its existing name and with its existing team.
“We have long admired the community banking franchise that the Collegiate Peaks team has built over many years,” stated Randy Chesler, President and Chief Executive Officer of Glacier. “We strongly believe in the prospects of the Colorado market and Collegiate Peaks is a great partner to further expand our presence in the Mountains and along the Front Range.”
David Boyles, Chairman of Columbine commented, “We are excited to be partnering with such a well-respected company. Glacier and Collegiate Peaks approach banking in a similar way, and I know that their dedication to excellence will help us continue to grow our organization and serve our customers, communities and employees.”
