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Glacier Bancorp, Inc. Announces Acquisition Of Community Financial Group, Inc. In Spokane, Washington

Aug 08, 2023•over 2 years ago

Acquiring Company

Glacier Bancorp

Acquired Company

Community Financial GroupIn Spokane

EnergySustainabilityConsumer GoodsLending And InvestmentsFinancial Services

Description

Glacier Bancorp, Inc. (“Glacier” or the “Company”) (NYSE: GBCI) today announced the signing of a definitive agreement to acquire Community Financial Group, Inc. (“CFGW”) (OTC: CFGW), the bank holding company for Wheatland Bank, a leading Eastern Washington community bank headquartered in Spokane. The acquisition marks Glacier’s 25th acquisition since 2000 and its 13th announced transaction in the past 10 years. As of June 30, 2023, CFGW had total assets of $754 million, total loans of $475 million and total deposits of $609 million.

Company Information

Company

Glacier Bancorp

About

Glacier Bancorp, Inc. is the parent company for Glacier Bank and its bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT). Visit Glacier’s website at www.glacierbancorp.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed