JACKSON, Wyo. — Bank of Jackson Hole was acquired by National Bank Holdings Corporation (NBHC), the holding company for NBH Bank.
The Colorado-based banking company announced the signing of a definitive merger agreement to acquire Bancshares of Jackson Hole Incorporated (BOJH), the holding company for Bank of Jackson Hole, in a press release yesterday.
According to NBHC, upon completion of the transaction, NBHC will have approximately $8.8 billion in pro forma assets and $7.7 billion in total deposits and becomes the #2 ranked bank by deposits in Teton County, Wyoming.
“We are pleased to welcome a high-quality franchise with strong ties to their communities into the NBH family,” said Tim Laney, Chairman, President and CEO of National Bank Holdings Corporation. “Bank of Jackson Hole brings a successful trust business, a deep commitment to the local community and exceptional client service. Together our organizations will offer expanded banking services for our clients, enhanced career opportunities for our associates, and a strong commitment to making a difference in the communities we serve. By gaining entry into the fast-growing Jackson Hole and Boise markets, we strengthen our position as the premier Rocky Mountain regional bank focused on commercial and business banking.”
Founded in 1982, BOJH is a full-service community bank with a Wyoming-domiciled trust business. BOJH had $623.4 million in assets under management as of December 31, 2021. Additionally, BOJH had $1.6 billion in assets, $1.5 billion in deposits, $1.0 billion in loans, and 12 banking centers as of December 31, 2021.
Upon the closing of the transaction, Pete Lawton, Chairman and CEO of Bank of Jackson Hole will continue to lead the bank in Wyoming and serve in a strategic leadership role at NBH Bank.
“We are excited about this new chapter for Bank of Jackson Hole,” stated BOJH CEO Pete Lawton. “NBH Bank offers growth opportunities for our institution and will strengthen our ability to support the communities we serve,” he went on to note.
Under the terms of the agreement, BOJH shareholders will receive approximately $53.0 million of cash consideration and approximately 4.4 million shares of NBH common stock, subject to certain potential adjustments. The transaction has a value of $230.0 million in the aggregate, based on NBH’s closing price of $40.28 on March 31, 2022.
“The growth potential in the next few years for BOJH is remarkable,” shared Tom Biolchini, President of Bancshares of Jackson Hole Incorporated. “Finding the right partner who shares our values and corporate culture was essential in helping us achieve BOJH’s goals. Our family is elated that we found that partnership in NBH.”
The proposed transaction has been approved by the organizations’ respective boards of directors and is subject to the approval of BOJH’s shareholders, regulatory approval, and other customary closing conditions. NBH Bank expects to close the proposed transaction during the second half of 2022.
"company" - Google News
April 02, 2022 at 11:30PM
https://ift.tt/bz6mALT
Bank of Jackson Hole acquired by Colorado company - Buckrail
"company" - Google News
https://ift.tt/EnCfcwX
https://ift.tt/Fm5gVzX
Bagikan Berita Ini
0 Response to "Bank of Jackson Hole acquired by Colorado company - Buckrail"
Post a Comment