Glacier Bancorp Went Big and Is Paying Up For Its Latest Acquisition. Here's Why [The Motley Fool]
Altabancorp (ALTA)
NASDAQ:AMEX Investor Relations:
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Company Research
Source: The Motley Fool
The nearly $0 billion assetGlacier Bancorp(NASDAQ:GBCIAltabancorpALTA), the largest community bank in Utah. The deal is a bit of a divergence from acquisitions Glacier has made in the past, which tend to be smaller. Glacier is also paying a hefty premium to buy Altabancorp. Let's take a look at what drove Glacier to pull the trigger and what it means for the combined company going forward.The numbersGlacier plans to pay close to $9 million in an all-stock deal to acquire Altabancorp, valuing each common share at $9.0. That values Altabancorp at almost 90% of tangible book value (equity minus goodwill and intangible assets). Even with today's high bank valuations, that is a huge premium, but is not entirely surprising considering that Altabancorp is a high-performing bank in a fast-growing market.Still, even with the high premium, Glacier, being a high performer on its own and currently trading at nearly % tangible book value, is able to make the deal work from a financial perspective.
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