Merger creates new division in Eastern Washington including North Cascades Bank
information released, artist rendering
Community Financial Group, Inc., the Spokane-based holding company of Wheatland Bank, has entered into an agreement to join the Glacier Bancorp, Inc., the Montana-based holding company of North Cascades Bank. Pending approval by Community Financial Group, Inc. shareholders and approval by banking regulators, Wheatland Bank will officially become part of Glacier Bancorp in the 4th quarter of 2023. When the transaction closes, North Cascades Bank will merge into Wheatland Bank to form Glacier Bancorp’s new Wheatland Bank division.
Susan Horton, Wheatland’s President and Chief Executive Officer, will continue to lead the new larger, expanded bank division in the same capacity. The new combined bank will operate with 23 branches and approximately 250 employees throughout eastern and central Washington.
“This is an exciting development for our employees, customers, communities, and shareholders. By joining forces, the new Wheatland Bank division, comprised of Wheatland Bank and North Cascades Bank, becomes a market-leading bank franchise in eastern Washington,” said Charlie Guildner, President of North Cascades Bank.
“The Wheatland Bank division of Glacier Bank will become eastern Washington’s #4 market leader in deposit market share and will maximize the opportunities in the markets we serve, as well as new markets that many of our customers already operate in, including Spokane, the Tri-Cities, Moses Lake, Yakima, Ellensburg and more. Together, we will have the best combined banking team of any bank in the region,” Guildner stated.
Susan Horton, President and CEO of Wheatland Bank, agreed. “Glacier is truly the partner we have always dreamed of and we couldn’t be more excited about becoming part of their family of banks, and embracing the customers, employees and communities of their successful North Cascades Bank division. Not only is Glacier one of the strongest and highest performing banking companies in the nation, but their community banking operating model and decentralized culture make them a perfect fit for our customers, employees and shareholders. Glacier’s long-standing business model is to provide each of their community bank divisions the autonomy to operate in the manner that made them successful, but with the muscle of Glacier behind them,” said Susan Horton.
“We will have the strength, depth of resources, and liquidity of a $28 billion public company traded on the NYSE, will expand our local Wheatland footprint and immediately double in size after integrating the North Cascades division, to become a Top 5 eastern Washington bank. This partnership will cement Wheatland Bank’s legacy, and together with North Cascades Bank, strengthen our position in the marketplace and create more opportunity for all stakeholders,” stated Horton.
“We are excited and proud to welcome Wheatland to the Glacier family of banks,” said Randy Chesler, Glacier’s President and CEO. “Wheatland’s footprint complements our current presence in eastern Washington, a market which has been experiencing tremendous growth. We have truly admired the impact this franchise has had on its community, and are focused on fostering the relationships it has developed with its customers.”
Chesler also noted that “This acquisition is consistent with our history of adding high quality community banks to our proven banking model. We look forward to the value this new division will create for our community and shareholders under Susan’s experienced leadership.”
About Glacier Bancorp, Inc.
Glacier Bancorp, Inc., based in Kalispell, Montana, uses a community banking model that gives their local bank divisions autonomy in each market. This allows each community bank to continue serving the specific needs of each community, while offering the benefits of being part of a larger organization. Glacier Bancorp is the parent company for Glacier Bank and its bank divisions: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), North Cascades Bank (Chelan, WA), The Foothills Bank (Yuma, AZ), Valley Bank of Helena (Helena, MT), and Western Security Bank (Billings, MT). Visit Glacier’s website at www.glacierbancorp.com.
