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Glacier to Buy Altabank

Plus: Amerant Bank’s mortgage subsidiary makes acquisition; Sterling invests in private credit fintech

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  • Written by  Banking Exchange staff
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  • Comments:   DISQUS_COMMENTS
Glacier to Buy Altabank

Glacier Bancorp is to acquire Utah-based community bank Altabancorp, the bank holding company for Altabank.

The deal adds Altabank’s 25-strong branch network through Utah and southern Idaho to Glacier’s growing business. It also brings $3.5 billion in total assets, $1.8 billion in loans and $3.2 billion of deposits.

Montana-based Glacier has been particularly active in acquisitions in recent years. The Altabank transaction marks the group’s second acquisition of a Utah-based bank in the past two years, following the purchase of First Community Bank in 2019.

Glacier has completed 24 acquisitions since 2000 and seven in the past five years.

Randy Chesler, Glacier’s president and CEO, said: “This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.”

Len Williams, president and CEO of Altabank, added: “In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was an undeniably great one for us. Becoming part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, all while maintaining our local autonomy.”

Elsewhere, Amerant Mortgage – a joint venture between Amerant Bank and a team of professionals in the residential mortgage sector – is to buy of Idaho-based First Mortgage Company.

The deal was “an integral part” of the company’s business plan, according to Howard Levine, executive vice president and chief revenue officer for Amerant Mortgage. It “uniquely positions the company with direct access to important federal housing agencies”, he said.

The acquisition, which will see First Mortgage rebranded as Amerant Mortgage, is in response to a growing demand for residential mortgages in the midst of the booming residential real estate market. It marks Amerant’s first expansion outside of Florida.

Meanwhile, Sterling Bancorp has made a capital investment in New York-based financial technology company Finitive.

Finitive operates a private credit investment platform that allows institutional investors direct access to unlisted debt and credit transactions.

Bea Ordonez, chief financial officer at Sterling Bancorp, said: “Technology and data can remove friction in the private credit market and in the lending market more generally, providing originators with the capital they need to grow their businesses.”

Jon Barlow, CEO of Finitive, said the company would use the investment to provide “digitized deal sourcing, screening and due diligence for investors and easier access to debt financing for borrowers”.

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