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Glacier Bancorp buying Ronan bank

The Daily Inter Lake | Hagadone News Network | UPDATED 10 years, 2 months AGO
by The Daily Inter Lake
| November 11, 2014 8:30 PM

Glacier Bancorp of Kalispell is buying Community Bank Inc., a community bank based in Ronan. 

The purchase price is an expected $25 million in stock and cash. The deal must still receive regulatory approval. 

The boards of both banks unanimously approved the transaction, according to a news release from Glacier Bancorp. 

The transaction is expected to close during the first quarter of 2015, when the branches of Community Bank will be merged into Glacier Bank to become part of the Glacier Bank and First Security Bank banking divisions. 

The acquisition is Glacier’s 16th since 2000 and its fourth announced in less than two years.

“This combination allows us to add several new markets in Western Montana and complements our presence in Missoula and Polson,” Glacier President and Chief Executive Officer, Mick Blodnick said in a news release. 

Community Bank provides banking services to both individuals and businesses, with eight banking offices in Missoula, Polson, Ronan, and Pablo. 

As of September, Community Bank had $180 million in total assets, $94 million in gross loans and $154 million total deposits. The bank has served the region for over 100 years, according to its website. 

Glacier Bancorp, headquartered in Kalispell, has banking services in Montana, Wyoming, Washington, Idaho, Utah and Colorado. 

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