Glacier Bancorp, Inc., entered into its 27th bank acquisition since 2000 and its 13th in the last 10 years when it signed a definitive agreement with Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A.
By acquiring the Mount Pleasant, Texas, community bank in an all-stock transaction, Glacier will add approximately $3.2 billion in total assets, $2.1 billion in total gross loans and $2.7 billion in total deposits, according to a joint press release.
“This is a compelling opportunity to further expand our presence in the Southwest,” Glacier President and CEO Randy Chesler said in the release. “Guaranty fits strategically and culturally within the unique Glacier business model and will allow us to enter a complementary state with an exceptional demographic profile, strong growth prospects, and a business-friendly operating environment. The Texas economy is estimated to be worth $2.7 trillion, and if Texas were an independent country, its economy would be the 8th largest in the world.”
The boards of Glacier and Guaranty unanimously approved the transaction, which is still subject to regulatory approvals, Guaranty shareholder approval and other customary closing conditions.
“We will continue to grow and invest in our communities and our customers will be dealing with the same familiar faces, led by the same management team, in each of our markets,” Guaranty Chairman and CEO Ty Abston said. “This partnership gives Guaranty added strength, with the support of a larger balance sheet and the resources to invest in the latest technologies and products to serve our existing and future customers.”
The transaction is expected to close in the fourth quarter. At that time, Guaranty Bank & Trust will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” and become Glacier’s 18th separate banking division.