On April 3, 2019, Heritage Bancorp, Reno, Nevada, the holding company for Heritage Bank of Nevada, and Glacier Bancorp, Inc., Kalispell, Montana, the holding company for Glacier Bank, announced a definitive merger agreement pursuant to which Heritage will merge with and into Glacier, with Glacier as the resulting company. Heritage stockholders will receive $12.00 in cash and 4.0 shares of Glacier common stock for each share of Heritage common stock. The total merger consideration is currently valued at approximately $240.7 million and Heritage shareholders will be eligible to receive a special dividend out of Heritage’s eligible earnings for 2019 prior to closing.
Luse Gorman serves as legal counsel to Heritage in the transaction. The Luse Gorman team consists of Lawrence M.F. Spaccasi, Ned A. Quint and Zachary Davis (Corporate/M&A), and Thomas P. Hutton (Executive Compensation).
Heritage has approximately $829.7 million in total assets and operates seven banking offices in Carson City, Gardnerville, Reno and Sparks, Nevada.
Glacier has approximately $12.1 billion in total assets and has banking offices in Montana, Idaho, Utah, Washington, Wyoming, Colorado and Arizona.