Published:
Glacier Bancorp, Inc. Completes Public Offering, Raises $98 Million
KALISPELL, Mont., Nov. 19 /PRNewswire-FirstCall/ -- Glacier Bancorp, Inc.
(Nasdaq: GBCI) announced today the completion of its public offering of
6,325,000 shares of common stock at a price of $15.50 per share, including the
over-allotment of 825,000 shares exercised by the underwriters. The offering
size was increased from 4,000,000 shares to 5,500,000 shares due to strong
investor demand. The net proceeds to Glacier from the offering, after
underwriting discounts and estimated transaction expenses, are anticipated to
be approximately $94 million. Proceeds of the offering will be available to
fund possible future acquisitions and for general corporate purposes.
"We are very pleased to have successfully completed this stock offering,
and even increased the size of the offering, during a period of significant
market turmoil," said Mick Blodnick, President and CEO. Blodnick noted that
with the additional capital, Glacier's total risk-based capital ratio would
increase to nearly 16%, making Glacier one of the most strongly capitalized
banking companies in the country. "The proceeds of this offering will further
strengthen our capital position, allowing us to pursue attractive strategic
opportunities in our target markets."
D.A. Davidson & Co. acted as lead book running manager and Keefe, Bruyette
& Woods, Inc. was co-manager for the offering.
Glacier Bancorp, Inc. is a regional multi-bank holding company providing
commercial banking services in 53 communities inMontana,Idaho,Utah,
Washington, andWyoming. Glacier Bancorp, Inc. is headquartered inKalispell,
Montana, and conducts its operations principally through ten community bank
subsidiaries. These subsidiaries include sixMontana banks: Glacier Bank of
Kalispell, First Security Bank ofMissoula, Valley Bank ofHelena, Big Sky
Western Bank ofBozeman, Western Security Bank of Billings, First Bank of
Montana ofLewistown; as well as Mountain West Bank inIdaho,Utah and
Washington; 1st Bank inWyoming, Citizens Community Bank inIdaho, and First
National Bank ofMorgan inUtah.
SOURCE Glacier Bancorp, Inc.
Copyright © 2009, PRNewswire
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,FIN,OFR,MT-GBCI-Public-Offer
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