Glacier Bancorp, a Montana-based multi-bank holding company, has completed the acquisition of First National Bank & Trust, a Wyoming-based community bank. First National Bank & Trust provides community banking services from offices in Powell, Cody and Lovell, Wyoming. At June 30, 2009, the bank had total assets of approximately $280 million.
Reportedly, the acquisition expands Glacier’s existing presence in Wyoming with its subsidiary bank, 1st Bank. 1st Bank provides banking services from nine branches in western Wyoming and had total assets at June 30, 2009 of approximately $480 million. Moreover, First National Bank & Trust will operate as a separately chartered community banking subsidiary of Glacier.
Mick Blodnick, president and CEO of Glacier Bancorp, said: “We are delighted to have First National Bank & Trust join the Glacier Bancorp family of banks. This is a respected community bank that has served the individuals and businesses of northern Wyoming for nearly 100 years. As a result of our creative deal structure that removes nonperforming out of-market loan participations, the bank will immediately return to a position of superior asset quality, strong core deposits, and solid profitability.”
