Glacier Bancorp is acquiring Treasure State Bank, a community bank in Missoula.

The $12.9 million transaction involves Treasure State’s lone bank in Missoula, which has a staff of 15 people.

Treasure State Bank will take on the name First Security Bank, one of Glacier Bancorp’s family of banks across the Northwest.

Glacier Bancorp Chief Executive Officer Mick Blodnick said the addition was a good fit for Glacier’s family of banks in both staff and location.

“It’s relatively small compared to a lot of transactions we’ve done recently. But strategically, we just really liked a lot of what we saw in the Treasure State Bank franchise, primarily the talented staff,” Blodnick said. “We knew a number of the bankers, had a lot of respect for them and what they’ve done.”

Blodnick said he has known Treasure State Bank President and Chief Executive Officer Jim Salisbury for 30 years. Salisbury was the chief financial officer at Western Federal Savings Bank in Missoula when Glacier acquired that bank 13 years ago.

Blodnick said Salisbury contacted him last year, explaining it would be a good time for the bank to join with another financial institution.

“This is one we’re really excited about,” Blodnick said.

As of Dec. 31, Treasure State Bank had tangible equity of $9.5 million, according to a Glacier Bank press release sent out last week.

The acquisition means that Treasure State will become Glacier’s ninth First Security Bank location in Missoula. Blodnick said he expects to close the deal by the end of August and Treasure State to fully transition to First Security by mid-October.

“At that point, some of the only changes [customers] should see is expanded products and service offering,” Blodnick said. “It will be in the First Security Bank division, but you should see the majority of all people they’ve grown accustomed to banking with. For the most part, there won’t be much in the way of consolidations from a staffing position.”

This transaction is the 18th acquisition by Glacier since 2000 and its sixth transaction in the past three years. The Kalispell-based banking giant has community banks in 88 cities across Montana, Idaho, Utah, Washington, Wyoming and Colorado.

Blodnick said as Glacier Bancorp president, he’s excited to further expand services and business presence in Missoula.

For more information, visit www.glacierbancorp.com.

Reporter Seaborn Larson may be reached at 758-4441 or by email at slarson@dailyinterlake.com.