Wheatland Bank, which has a branch in Pasco, is set to join the Glacier Bancorp family of banks.
Community Financial Group Inc., the Spokane-based holding company of Wheatland Bank, has entered into an agreement with the Kalispell, Montana-based Glacier Bancorp. The action still must be approved by Community Financial Group Inc. shareholders and by banking regulators.
Wheatland Bank is expected to officially become part of Glacier in the fourth quarter of 2023, a news release said.
“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,” said Susan Horton, Wheatland’s president and chief executive officer, in the release.
Glacier’s Chelan-based North Cascades Bank, with nine branches and about 100 employees, will merge into the new Wheatland Bank division under Horton’s leadership.
The new division will have 23 branches and about 250 employees in eastern and central Washington.
“We are excited and proud to welcome Wheatland to the Glacier family of banks,” said Randy Chesler, Glacier’s president and CEO, in the release. “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.”
The acquisition marks Glacier’s 25th since 2000 and its 13th announced transaction in the past 10 years.
As of June 30, Community Financial Group’s total assets were $754 million, with total loans of $475 million, and total deposits of $609 million, according to a news release.
The combined division will have $1.6 billion in assets.
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