Glacier Bancorp Inc. said this week it has signed a definitive agreement to acquire TFB Bancorp Inc., the holding company for The Foothills Bank based in Yuma.
The acquisition is Glacier’s 18th since 2000 and will be the company's first in Arizona.
The Foothills Bank has banking offices in Yuma, Prescott and Casa Grande.
The boards of Glacier and TFB Bancorp approved the transaction, which is still subject to regulatory approvals and TFB Bancorp shareholder approval.
Once the transaction is complete, which is expected to occur in the first quarter of 2017, The Foothills Bank will be merged into Glacier Bank and operate as a separate banking division under its existing name and management team.
“We're very excited to be adding The Foothills Bank to the Glacier family of banks,” Mick Blodnick, Glacier Bancorp president and CEO, said. “This is a terrific opportunity for us to enter Arizona with a highly respected and well managed community bank operating in several great market areas.”
Mary Lynn Lenz, president and CEO of TFB Bancorp, said the bank is excited to be partnering with Glacier Bancorp, headquartered in Montana.
"Foothills has been serving customers in our communities for over 19 years and our commitment to those communities is very important," Lenz said. "This partnership will allow our customers to benefit from enhanced product offerings and a greater lending ability throughout Arizona. Furthermore, our shareholders will be receiving stock in a high-performing bank that has consistently delivered incredible shareholder return and dividend payments.”