Glacier Bancorp To Acquire FNB Bancorp

(RTTNews) - Glacier Bancorp Inc. (GBCI) said that it agreed to acquire FNB Bancorp, the bank holding company for The First National Bank of Layton, a community bank based in Layton, Utah.

As of September 30, 2018, FNB had total assets of $326 million, gross loans of $243 million and total deposits of $278 million.

The boards of Glacier and FNB unanimously approved the transaction, which is subject to regulatory approval and other customary conditions of closing. The definitive agreement provides that upon closing of the transaction, each share of FNB common stock is expected to be exchanged for 0.6474 shares of Glacier common stock (2.05 mln Glacier shares in the aggregate).

Based on the closing price of $41.55 for Glacier shares on January 15, 2019, the transaction would result in an aggregate value of $85.0 million. Upon closing of the transaction, which is anticipated to take place in the second quarter of 2019, the branches of First National Bank, along with Glacier Bank's four existing branches operating in Utah, will operate as a new Glacier Bank division headquartered in Utah.