Glacier Bancorp, Inc. Announces Consideration for Pending Acquisition of Citizens Bank Holding Company
KALISPELL, Mont., March 28 /PRNewswire-FirstCall/ — On March 25, 2005, Glacier Bancorp, Inc. announced the calculation of the consideration for its pending acquisition of Citizens Bank Holding Company (Citizens) and its subsidiary Citizens Community Bank, Pocatello, Idaho. Citizens’ shareholders will receive $8.6 million in cash and shares of GBCI common stock valued at $8.6 million, plus the amount of cash received by Citizens upon the exercise of outstanding stock options. Citizens’ shareholders may elect to receive cash, shares of GBCI stock, or a combination of cash and shares of GBCI stock, subject to certain allocation provisions.
In accordance with the terms of the merger agreement for the pending transaction, (i) the cash consideration per outstanding share of Citizens’ common stock will be $37.47; and (ii) the stock consideration per outstanding share of Citizens’ common stock will be $37.47 worth of GBCI stock, based on the average closing price of GBCI stock during a pre-determined pricing period. The pre-determined period commenced on March 10, 2005 and ended on March 23, 2005, and the average closing price of GBCI stock over that time was $30.82. Therefore, the per share stock consideration is 1.216 shares of GBCI stock for each outstanding share of Citizens’ common stock, which equals $37.47 divided by $30.82.
Citizens’ shareholders approved the pending transaction today, March 25, 2005. The parties anticipate that the transaction will close on March 31, 2005. The deadline for Citizens’ shareholders to elect to receive cash, Glacier common stock, or a combination of both cash and stock is April 8, 2005.
Glacier Bancorp, Inc. is the parent company for eight community banks, including Glacier Bank, Kalispell; Glacier Bank, Whitefish; First Security Bank of Missoula; Valley Bank of Helena; Big Sky Western Bank, Bozeman and Western Security Bank, Billings, all located in Montana; as well as Mountain West Bank, Coeur d’Alene, with operations in Idaho, Utah and Washington; and First National Bank-West, Evanston with operations in Wyoming.
CONTACT: Michael J. Blodnick, +1-406-751-4701, or James H. Strosahl, +1-406-751-4702, both of Glacier Bancorp, Inc.
Web site: http://www.glacierbancorp.com/
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