We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Glacier (GBCI) Signs a Deal to Acquire Community Financial
Read MoreHide Full Article
Glacier Bancorp, Inc. (GBCI - Free Report) entered into a definitive agreement to acquire Community Financial Group, Inc. ("CFGW") to bolster its presence in the growing market of Eastern Washington. This marks its 13th announced transaction in the past ten years and the 25th acquisition since 2000. Community Financial Group is the bank holding company for a leading Eastern Washington community bank — Wheatland Bank — headquartered in Spokane.
Per the agreement terms, shareholders of CFGW will receive 1.0931 shares of Glacier stock for each CFGW share they hold upon closing of the transaction, which is expected to materialize in the fourth quarter of 2023, subject to regulatory approval, CFGW shareholder approval and customary closing conditions.
Based on Glacier shares' closing price of $33.97 on Aug 7, 2023, the total deal value is expected to be $80.6 million (inclusive of the value to CFGW stock option holders) while the per-share value is likely to be $37.13 per CFGW share.
In addition, after the deal completion, a new Wheatland Bank division will be formed. The North Cascades Bank's existing division will be combined with this division, which will be led by Susan Horton.
Susan Horton, president and CEO of CFGW, stated, “We will have the strength and depth of resources of a $28 billion asset bank, expand our local Wheatland footprint and immediately double in size after integrating the North Cascades Bank division, to become a Top 5 eastern Washington bank. This partnership will cement Wheatland Bank’s legacy, strengthen our position in the marketplace and create more opportunity for all stakeholders.”
CFGW's total assets were $754 million based on financials as of Jun 30, 2023. Its total loans and total deposits summed up to $475 million and $609 million, respectively, as of the same date.
Glacier reported second-quarter 2023 earnings of 50 cents per share, which was in line with the Zacks Consensus Estimate. This compares to earnings of 69 cents per share reported a year ago.
Over the past three months, shares of GBCI have gained 21.4% compared with the industry’s upside of 40%.
Image Source: Zacks Investment Research
Currently, GBCI carries a Zacks Rank #5 (Strong Sell).
LPL Financial Holdings (LPLA - Free Report) has announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. This marks a significant step for both LPLA and Crown Capital and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
Crown Capital is a full-service broker-dealer and registered investment advisor based in Orange County, CA. Founded in 1999, the firm has roughly 260 financial advisors supporting approximately $6.5 billion of advisory and brokerage assets. The services provided by it include investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.
SEI Investments (Europe) Limited, a subsidiary of SEI Investments (SEIC - Free Report) , has announced a deal to acquire the outstanding equity of XPS Pensions (Nexus) Limited, the principal employer and scheme funder of the National Pensions Trust, from XPS Pensions Group PLC. This strategic acquisition is aimed at bolstering SEIC's financials and enhancing its competitive position in the defined contribution market.
The total cash consideration for the acquisition is up to £42.5 million, with an initial payment of £35 million at closing and deferred consideration of up to £7.5 million over two years, subject to post-closing performance measurements. The transaction, expected to be completed before the year-end, is subject to regulatory approval and customary closing conditions.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Glacier (GBCI) Signs a Deal to Acquire Community Financial
Glacier Bancorp, Inc. (GBCI - Free Report) entered into a definitive agreement to acquire Community Financial Group, Inc. ("CFGW") to bolster its presence in the growing market of Eastern Washington. This marks its 13th announced transaction in the past ten years and the 25th acquisition since 2000. Community Financial Group is the bank holding company for a leading Eastern Washington community bank — Wheatland Bank — headquartered in Spokane.
Per the agreement terms, shareholders of CFGW will receive 1.0931 shares of Glacier stock for each CFGW share they hold upon closing of the transaction, which is expected to materialize in the fourth quarter of 2023, subject to regulatory approval, CFGW shareholder approval and customary closing conditions.
Based on Glacier shares' closing price of $33.97 on Aug 7, 2023, the total deal value is expected to be $80.6 million (inclusive of the value to CFGW stock option holders) while the per-share value is likely to be $37.13 per CFGW share.
In addition, after the deal completion, a new Wheatland Bank division will be formed. The North Cascades Bank's existing division will be combined with this division, which will be led by Susan Horton.
Susan Horton, president and CEO of CFGW, stated, “We will have the strength and depth of resources of a $28 billion asset bank, expand our local Wheatland footprint and immediately double in size after integrating the North Cascades Bank division, to become a Top 5 eastern Washington bank. This partnership will cement Wheatland Bank’s legacy, strengthen our position in the marketplace and create more opportunity for all stakeholders.”
CFGW's total assets were $754 million based on financials as of Jun 30, 2023. Its total loans and total deposits summed up to $475 million and $609 million, respectively, as of the same date.
Glacier reported second-quarter 2023 earnings of 50 cents per share, which was in line with the Zacks Consensus Estimate. This compares to earnings of 69 cents per share reported a year ago.
Over the past three months, shares of GBCI have gained 21.4% compared with the industry’s upside of 40%.
Image Source: Zacks Investment Research
Currently, GBCI carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Efforts by Other Firms
LPL Financial Holdings (LPLA - Free Report) has announced a definitive agreement to acquire the wealth management business of Crown Capital Securities, L.P. This marks a significant step for both LPLA and Crown Capital and is expected to be finalized in early 2024, pending regulatory approval and customary closing conditions.
Crown Capital is a full-service broker-dealer and registered investment advisor based in Orange County, CA. Founded in 1999, the firm has roughly 260 financial advisors supporting approximately $6.5 billion of advisory and brokerage assets. The services provided by it include investment management, estate planning, risk management, education planning, corporate benefits, full-service brokerage and alternative investments.
SEI Investments (Europe) Limited, a subsidiary of SEI Investments (SEIC - Free Report) , has announced a deal to acquire the outstanding equity of XPS Pensions (Nexus) Limited, the principal employer and scheme funder of the National Pensions Trust, from XPS Pensions Group PLC. This strategic acquisition is aimed at bolstering SEIC's financials and enhancing its competitive position in the defined contribution market.
The total cash consideration for the acquisition is up to £42.5 million, with an initial payment of £35 million at closing and deferred consideration of up to £7.5 million over two years, subject to post-closing performance measurements. The transaction, expected to be completed before the year-end, is subject to regulatory approval and customary closing conditions.