Business
Eagle Bancorp Montana, Inc. to Acquire First Community Bancorp, Inc.
HELENA, Mont., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” or “Eagle”), the holding company of Opportunity
About this update from Eagle Bancorp Montana, Inc.
[{"type":"text","content":"HELENA, Mont., Oct. 01, 2021 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” or “Eagle”), the holding company of Opportunity Bank of Montana, today announced that it has reached an agreement to acquire First Community Bancorp, Inc., and its subsidiary, First Community Bank (“First Community”). The transaction is Eagle’s fourth announced acquisition of a Montana-based bank since 2017, and its largest transaction to date. Headquartered in Glasgow, Montana, First Community is the largest bank headquartered in Northeast Montana with $374 million in total assets. First Community currently operates nine branches and two mortgage LPOs, including commercial-focused branches in Helena and Three Forks (Gallatin County). The acquisition will further solidify Eagle’s position as the fourth largest Montana-based bank with over $1.7 billion in pro forma assets and add $307 million in deposits and $220 million in gross loans, based on June 30, 2021 information. Upon completion of the acquisition, Opportunity Bank of Montana will have 32 retail branches in key commercial and ag markets across Montana. The board of directors for both companies unanimously approved the transaction, which is subject to the approvals of bank regulatory agencies, the shareholders of First Community, and Eagle, and other customary closing conditions. “We are thrilled to welcome First Community, and its employees to the Eagle team,” stated Peter J. Johnson, President and CEO of Eagle. “First Community is an experienced agriculture and commercial lender with a 130-year operating history in Montana and deep roots in the communities it serves. This transaction expands our presence across the state of Montana and builds on our reputation as an experienced and preferred agricultural lender across the state. The combination of our two companies is a complementary fit with our banking culture and provides the ability to create revenue and cost synergies while offering First Community Bank customers broader product offerings, increased lending limits, and an expanded branch delivery system that stretches throughout the state of Montana. I am also pleased to announce that at the closing of the transaction, Sam Waters, the Chairman and President of First Community, will join the boards of Eagle and Opportunity Bank of Montana, and that Kris Simen...