Glacier Bancorp, a regional multi-bank holding company, has signed a definitive agreement to acquire Bank of the San Juans, a community bank based in Durango, Colorado.
The acquisition marks Glacier’s first entry into the state of Colorado. Bank of the San Juans provides community banking services to individuals and businesses from two banking offices in Durango and one office in Pagosa Springs.
The acquisition is subject to regulatory approval and other customary conditions of closing. The transaction provides for the payment to Bank of the San Juans Bancorporation shareholders of $9 million in cash and 640,000 shares of Glacier common stock.
Upon closing of the transaction, which is anticipated to take place in the fourth quarter of 2008, Bank of the San Juans will become a wholly owned subsidiary of Glacier.
Mick Blodnick, president and CEO of Glacier, said: This is a terrific opportunity for us to enter Colorado with a very well managed bank in a great market area. Bank of the San Juans is a highly regarded bank that continues to post outstanding asset quality, strong operating results, and solid growth, even in today’s challenging banking environment.