Eagle Bancorp Montana Completes Acquisition of Western Holding Company of Wolf Point
HELENA, Mont., Jan. 02, 2020 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today announced that it
completed, effective January 1, 2020, its previously announced acquisition of Western Holding Company of Wolf Point, and its wholly owned subsidiary, Western Bank of Wolf Point, in a transaction
valued at approximately $14.97 million based on Eagle’s closing price as of December 31, 2019. In the transaction, Eagle acquired one retail bank branch and approximately $100 million in
assets, $77 million in deposits and $41 million in gross loans, based on Western Holding Company of Wolf Point’s September 30, 2019’s financial statements. Opportunity Bank will have, upon
completion of the transaction, 23 retail branches in Montana.
Under the terms of the merger agreement, each outstanding share of Western Holding Company of Wolf Point common stock was converted into the right to receive 179.44464 shares of Eagle common stock with cash to be paid in lieu of any fractional shares of common stock of Eagle and $2,946.51 in cash. As a result of the merger, Eagle will issue approximately 395,858 shares of Eagle common stock and will pay approximately $6.5 million to the former holders of Western Holding Company of Wolf Point common stock.
“We are pleased to announce the completion of the merger and to have Western Holding Company of Wolf Point’s shareholders, customers and employees join the Eagle team,” said Peter J. Johnson, President and CEO. “This merger expands Eagle’s presence in Montana, and compliments Eagle’s franchise, both strategically and culturally.”
About the Company
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in Helena, Montana and is the holding company of Opportunity Bank of Montana, a community bank established in 1922 that serves consumers and small businesses in Montana through 23 banking offices. Additional information is available on the bank’s website at www.opportunitybank.com. The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ Global Market under the symbol “EBMT.”
Safe Harbor Statement
Certain statements contained in this release that are not statements of historical fact are forward-looking statements. These forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may”, “would”, “could”, “will”, “expect”, “anticipate”, “project”, “believe”, “intend”, “plan” and “estimate”, as well as similar words and expressions. These forward-looking statements include statements related to our projected growth, our anticipated acquisitions, including statements related to the expected timing, completion and other effects our anticipated acquisitions, our anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on results of operations and financial condition from expected developments or events, or business and growth strategies, including projections of future amortization and accretion, the impact of the anticipated internal growth and plans to establish or acquire banks.