Glacier Bancorp, Inc. (NasdaqGS:GBCI) signed a letter of intent to acquire Altabancorp (NasdaqCM:ALTA) from a group of shareholders for approximately $930 million on March 18, 2021. Glacier Bancorp, Inc. (NasdaqGS:GBCI) signed a definitive agreement to acquire Altabancorp (NasdaqCM:ALTA) from a group of shareholders for approximately $930 million on May 18, 2021. The definitive agreement provides that upon closing of the transaction, Altabancorp shareholders are to receive 0.7971 shares of Glacier stock for each Altabancorp share. Altabancorp options will be cashed out for an aggregate consideration of $3 million. Concurrently with the execution of the agreement, the Directors, certain executive officers, and two groups of shareholders owning more than 5% of Altabancorp's outstanding common stock (including members of the Gunther family) entered into voting agreements with Glacier Bancorp pursuant to which each such Director, executive officer, and shareholder, in his, her or its capacity as a shareholder, has agreed, among other things, to vote his, her or its shares of Altabancorp common stock in favor of the proposed transactions contemplated by the agreement.

Upon closing of the transaction, Altabank will become Glacier's 17th bank division, and will operate under its existing name. Altabancorp will be required to pay Glacier a termination fee of $35 million in case of termination of the agreement. The transaction is subject to regulatory approval, approval by FDIC or the Federal Reserve, the Montana Commissioner, the Utah Department of Financial Institutions, resignation of Altabancorp's Directors and officers, registration statement will have become effective, Glacier shares have been authorized for listing, Altabancorp shareholder approval, and other customary conditions of closing. The Boards of Glacier and Altabancorp unanimously approved the transaction. Glacier has obtained voting agreements from Altabancorp's Directors, Executive Officers and Principal Shareholders, including members of the Gunther family. Altabancorp Board unanimously recommends that holders of Altabancorp stock vote for the transaction.

The transaction is expected to close in the fourth quarter of 2021. As of September 17, 2021, the transaction is expected to close on October 1, 2021. The transaction will be immediately accretive to Glacier's tangible book value per share and immediately accretive to Glacier's earnings per share, excluding one-time transaction-related expenses. D.A. Davidson & Co. acted as financial advisor and Stephen M. Klein and David G. Post of Miller Nash Graham & Dunn LLP acted as legal counsels to Glacier. Altabancorp was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor, Chip MacDonald, Peter E. Izanec and Justin A. Macke of Jones Day acted as legal advisor. Keefe, Bruyette & Woods, Inc. acted as fairness opinion provider to Altabancorp. American Stock Transfer & Trust Company, LLC acted as exchange agent to Glacier. Pursuant to the Keefe, Bruyette & Woods engagement agreement, Altabancorp agreed to pay Keefe, Bruyette & Woods a cash fee equal to 1.075% of the aggregate merger consideration, $1 million of which became payable to Keefe with the rendering of KBW's opinion and the balance of which is contingent upon the closing of the merger.

Glacier Bancorp, Inc. (NasdaqGS:GBCI) completed the acquisition of Altabancorp (NasdaqCM:ALTA) from a group of shareholders on October 1, 2021. As a part of closing, Altabancorp merged with and into Glacier Bancorp with Glacier Bancorp as the surviving entity. Immediately following the Merger, Altabank merged with and into Glacier Bank, with Glacier Bank surviving as a wholly owned subsidiary of Glacier Bancorp and Altabancorp's Common Stock will be suspended and the listing of Altabancorp's Common Stock will be withdrawn. Altabank providing services in Utah and southern Idaho with 25 branch locations from Preston, Idaho to St. George, Utah, and will operate as the newest banking division of Glacier Bank under the name “Altabank, Division of Glacier Bank”.