First Western Financial in Denver has agreed to buy Teton Financial Services in Jackson, Wyo.
The $2 billion-asset First Western said in a press release that it will pay $47.8 million in cash and stock for the $420.7 million-asset parent of Rocky Mountain Bank. The deal is expected to close by early 2022.
Rocky Mountain Bank has 3 branches, $374.6 million of deposits and $267.9 million of loans. The bank has $394.1 million of assets under management.
“This transaction brings together two highly complementary institutions with similar values, business models, and commitment to helping clients achieve their financial goals,” Scott Wylie, First Western’s chairman, president and CEO, said in the release.“Expanding our presence
in Wyoming is a key element of our long-term growth strategy given its
attractive demographics and favorable environment for our unique approach to
private banking,” Wylie added. “With our combined resources, we believe that we
can steadily increase our market share in Wyoming in the future.”
The transaction is expected to be 5.2% accretive to First Western’s 2022 earnings per share. It should take about five months for the company to earn back the expected 0.4% dilution to its tangible book value.
First Western was advised by Keefe, Bruyette & Woods and Otteson Shapiro. Teton Financial was advised by Piper Sandler and Greenberg Traurig.
No comments:
Post a Comment