First National Bank of the Rockies, which is headquartered in Grand Junction and has an office in Steamboat Springs, recently was purchased by Glacier Bancorp, a Montana-based regional bank.
According to a news release, the sale is subject to regulatory approval, but the boards of both organizations unanimously approved the transaction.
FNBR shareholders will receive $16.3 million in cash and 555,733 shares of Glacier Bancorp, which should amount to a total value of $30.3 million, according to the release.
FNBR had $32.7 million in consolidated tangible equity, a net worth sum, as of March 31.
The transaction is expected to close in the third quarter, when FNBR will become part of the Bank of the San Juans division.
"We are excited to be adding First National Bank of the Rockies to the Glacier family of banks," Glacier Bancorp’s President and CEO Mick Blodnick said in the release. "This combination allows us to continue to expand in Colorado's Western Slope, a very attractive market that we have targeted for continued expansion.
“FNBR brings to us a sizable community bank with a long history of serving northwestern Colorado. The region offers attractive long-term growth prospects with a solid economic base of energy, agriculture, tourism, mining and health care. FNBR serves the region well, with respected management, strong customer relationships and an excellent core deposit base."
"We are excited to join the Glacier family of banks,” FNBR President and CEO Pete Waller said in the release. “FNBR's 110 year legacy in western Colorado has molded strong ties with our customers and the communities in which we serve. Consumers in western Colorado will benefit from the expanded products, services, and lending capabilities that our affiliation with Glacier will bring. Our management and staff look forward to the new growth opportunities that are sure to result from the combination."
Dan Sturges joins Wells Fargo Advisors in Steamboat Springs
Dan Sturges has joined Wells Fargo Advisors as a financial adviser and assistant vice president of investments at the Steamboat Springs branch office, according to a news release.
He is a certified financial planner and previously served as a financial adviser at H&R Block Financial Advisors and Aperiprise for more than 14 years.
Sturges joins financial advisers Eileen Allen and Laura Cusenbary. The release states that the three have more than 39 years of combined experience.
“With a team approach, clients also benefit from more one-on-one contact with the Financial Advisors and the support of Jennifer Stoddard as Client Associate,” the release states. “Through Wells Fargo Advisors, they offer a complete spectrum of financial products and services to individuals and businesses.”
The Steamboat branch office is located at 320 Lincoln Ave. The team can be contacted at 970-871-0028.
To reach Michael Schrantz, call 970-871-4206, email mschrantz@SteamboatToday.com or follow him on Twitter @MLSchrantz