Eagle Bancorp Montana, Inc.’s $18.9 Million acquisition of Ruby Valley Bank in Montana

Nixon Peabody advised Eagle Bancorp Montana, Inc. (Eagle), in its acquisition of Ruby Valley Bank in Twin Bridges, Montana.

Eagle Bancorp Montana, Inc. (NASDAQ:EBMT), the holding company of Opportunity Bank of Montana, today announced that it has completed its previously announced acquisition of Ruby Valley Bank, Twin Bridges, Montana, in a transaction valued at $18.9 million based on Eagle’s closing price as of January 30th. In the transaction, Eagle acquired Ruby Valley’s two retail bank branches and approximately $90 million in assets, $78 million in deposits and $55 million in gross loans. The combined company has 16 branches.

As a result of the transaction, Opportunity Bank became the fifth largest bank headquartered in Montana with total assets in excess of $800 million. In addition, the synergies of the deal will see the expansion of Eagle’s agricultural lending offerings within the Ruby Valley market area.

Eagle Bancorp Montana, Inc. is a holding company for Opportunity Bank of Montana. The company, led by Peter J Johnson, Laura F Clark and Dale F Field, in 2017 recorded $42.2 Million Revenues.

Nixon Peabody’s deal team was led by Public Company Transactions partner Lloyd Spencer (Picture) and senior counsel Ray Gustini and included Public Company Transactions partner Sean Clancy, Real Estate partner Colette Dafoe, Energy & Environmental Group partner Jean McCreary, and Labor & Employment partners Jeffrey Gilbreth, Yelena Gray and Thomas McCord.

Involved fees earner: Lloyd Spencer – Nixon Peabody LLP; Sean Clancy – Nixon Peabody LLP; Colette Dafoe – Nixon Peabody LLP; Jeffrey Gilbreth – Nixon Peabody LLP; Yelena Gray – Nixon Peabody LLP; Thomas McCord – Nixon Peabody LLP; Raymond Gustini – Nixon Peabody LLP; Jean McCreary – Nixon Peabody LLP;

Law Firms: Nixon Peabody LLP;

Clients: Eagle Bancorp Montana, Inc.;

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Author: Ambrogio Visconti