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Wheatland Bank holding company acquires Bank of Idaho

This photo from 2014 shows the Wheatland Bank building, at 222 N. Wall St. in Spokane. The holding company for Wheatland Bank has agreed to acquire the holding company for Bank of Idaho. (Jesse Tinsley/The Spokesman-Review )
By Thomas Clouse tomc@spokesman.com(509) 459-5495

The holding company for Wheatland Bank, which has two branches in Spokane and several in Eastern Washington, has signed an agreement to acquire the Idaho Falls-based Bank of Idaho.

Wheatland is a division under the holding company Glacier Bancorp, Inc., which is located in Kalispell. The transaction would bring Idaho Holding Company, which is the holding company for the Bank of Idaho, under Glacier Bancorp’s umbrella.

Another Glacier Bancorp division that operates local branches is Mountain West Bank, which has branches in Spokane Valley, Coeur d’Alene and Post Falls.

Glacier Bancorp’s acquisition of Bank of Idaho is expected to close later this year pending approval from banking regulators among other things, according to a news release.

“We are excited to join the Glacier family of banks and look forward to the opportunities and benefits this combination will bring to our clients, employees and shareholders,” Jeff Newgard, Bank of Idaho’s chairman, president and CEO said in the release.

If and when the transaction is completed, Bank of Idaho’s branches in Dayton, Pasco, Kennewick, Sunnyside and Yakima will join Wheatland Bank.

The remaining Bank of Idaho branches in eastern Idaho will join Citizens Community Bank, and the branches in Idaho’s Treasure Valley will join Mountain West Bank.

“Bank of Idaho is a true community bank, and we are pleased to find a partner that shares the same vision, values and relationship banking model that has been core to our success over the years,” Newgard said.

Susan M. Horton, Wheatland’s president and CEO, said in the news release that she was excited and proud to bring the Bank of Idaho customers into the Wheatland fold.

“Bank of Idaho’s footprint complements Wheatland’s and will deepen our penetration in existing markets and give us a great presence in new markets we had targeted for expansion,” Horton said. “This acquisition is consistent with Glacier’s history of adding high quality community banks to their proven community banking model.”