Glacier Bancorp Inc. (NYSE: GBCI) has signed a definitive agreement to acquire Bank of Idaho Holding Co. (OTCQX: BOID) in a $245.4 million all-stock transaction, further expanding its presence in Idaho and Eastern Washington.
The deal, Glacier’s 26th acquisition since 2000, will see Bank of Idaho’s $1.3 billion in assets, $1.0 billion in loans, and $1.1 billion in deposits integrated into three existing Glacier Bank divisions. Following regulatory and shareholder approvals, expected by Q2 2025, Bank of Idaho’s Eastern Idaho branches will merge with Citizens Community Bank, Boise operations will join Mountain West Bank, and Eastern Washington locations will be absorbed by Wheatland Bank.
“This acquisition strengthens our position in Idaho, the fastest-growing state in the country, and expands our Eastern Washington footprint,” said Randy Chesler, Glacier’s President and CEO. “Bank of Idaho is a strong strategic fit, aligning with our community banking model and growth markets.”
Bank of Idaho Chairman and CEO Jeff Newgard echoed the sentiment, highlighting the shared relationship-focused banking approach. “Joining Glacier allows us to enhance our offerings while staying true to our community banking roots.”
Under the agreement, BOID shareholders will receive 1.100 shares of Glacier stock for each BOID share. Based on Glacier’s closing price of $47.70 on January 10, 2025, the deal values BOID shares at $52.47 each.
By: DNU staff