In accordance with the definitive agreement, BOJH stockholders received approximately $45.5 million of cash consideration and approximately 4.4 million shares of NBHC common stock.
National Bank Holdings Completes Acquisition of Bancshares of Jackson Hole. (Credit: Rock Staar on Unsplash)
National Bank Holdings Corporation (the “Company” or “NBHC”), the holding company for NBH Bank, announced today that it has completed its previously announced acquisition of Bancshares of Jackson Hole Incorporated (“BOJH”), the holding company for Bank of Jackson Hole with operations in Jackson Hole, Wyoming and Idaho. The combined holding company will operate under the National Bank Holdings Corporation name, and the Company’s headquarters remains in Denver, Colorado.
With the completion of this exclusively negotiated transaction and the previously announced acquisition of Community Bancorporation on September 1, 2022, NBHC now has approximately $9.7 billion in pro forma assets, including $6.5 billion in total loans, $8.5 billion in total deposits and $676 million in assets under management as of June 30, 2022.
Immediately following the closing, substantially all of the assets of Bank of Jackson Hole were assumed by NBH Bank with the trust and wealth business retained at the Wyoming-chartered Bank of Jackson Hole, which has been renamed Bank of Jackson Hole Trust. The integration of the systems is expected to occur in late 2022.
“We are pleased to welcome Bank of Jackson Hole clients and associates into the NBH Bank family,” said Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. “We look forward to serving clients in the beautiful and vibrant Jackson and surrounding communities as well as the fast growing Boise market served today by Bright Bank. The addition of trust and wealth services enables us to offer a comprehensive financial solution that helps our clients build wealth and leave a legacy. It is our intention to leverage the trust and wealth management offering across our banking franchise.”
In accordance with the definitive agreement, BOJH stockholders received approximately $45.5 million of cash consideration and approximately 4.4 million shares of NBHC common stock. Of the shares issued, 231,317 shares of NBHC common stock are being held in escrow to support certain indemnification obligations under the merger agreement. NBHC also paid approximately $5.5 million in option cancellation payments to the holders of BOJH stock options. The implied total transaction value based on the September 30, 2022 closing price, is approximately $213.4 million.
BofA Securities, Inc. served as financial advisor to National Bank Holdings Corporation. Squire Patton Boggs (US) LLP and Wachtell, Lipton, Rosen & Katz served as legal counsel for the transaction.
Source: Company Press Release