Altabancorp’s Merger with Glacier Bancorp

Jones Day advised Altabancorp on the deal.

AltabancorpTM (Nasdaq: ALTA) announced the signing of a definitive agreement with Glacier Bancorp, Inc.(Nasdaq: GBCI) to acquire Alta, the bank holding company for AltabankTM, a community bank headquartered in American Fork, Utah.

The acquisition marks Glacier’s 24th announced acquisition since 2000 and its 7th announced transaction in the past five years. This also marks Glacier’s second acquisition of a Utah-based bank in the last two years, completing the acquisition of First Community Bank based in Layton, Utah in 2019. Altabank provides banking services to individuals and businesses throughout Utah and southern Idaho with 25 branch locations from Preston, Idaho to St. George, Utah. As of March 31, 2021, Alta had total assets of $3.5 billion, total loans of $1.8 billion and total deposits of $3.2 billion.

The transaction will be immediately accretive to Glacier’s tangible book value per share and immediately accretive to Glacier’s earnings per share, excluding one-time transaction-related expenses.

Glacier was advised in the transaction by D.A. Davidson & Co. as financial advisor and Miller Nash Graham & Dunn LLP as legal counsel. Altabancorp was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Jones Day as legal counsel. 

The Jones Day included Peter E. Izanec (Picture) and Justin A. Macke. 

 

 

 

Involved fees earner: Peter Izanec – Jones Day; Justin Macke – Jones Day;

Law Firms: Jones Day;

Clients: Altabancorp;

Author: Martina Bellini