Spokane-based Wheatland Bank may be acquired by Glacier Bancorp

The holding company for Spokane’s Wheatland Bank announced Tuesday that it has entered an agreement to be acquired by Glacier Bancorp, which is based in Kalispell, Montana, and represents a family of banks that includes North Cascades Bank in Chelan, Washington.

The proposed merger would join Wheatland’s 14 branches to Bancorp’s North Cascades division of nine branches and about 100 employees to create a new Wheatland Bank division, Susan Horton, Wheatland’s president and CEO, said in a news release.

The new Wheatland division would have 23 branches and about 250 employees and be led by Horton. It would initially hold about $1.6 billion in assets.

“Glacier is truly the partner we have always dreamed of and we couldn’t be more excited about becoming part of their family of banks,” Horton said in the release. “This partnership will cement Wheatland Bank’s legacy, and together with North Cascades Bank, strengthen our position in the marketplace and create more opportunity for all stakeholders.”

Wheatland was founded in Davenport in 1979.

The acquisition agreement must be approved by the shareholders of Community Financial Group, Inc., which is the Spokane-based holding company of Wheatland Bank. If also approved by banking regulators, Wheatland will become part of Glacier Bancorp during the last three months of 2023.

“We are excited and proud to welcome Wheatland to the Glacier family of banks,” Randy Chesler, Glacier’s president and CEO, said in the news release. “This acquisition is consistent with our history of adding high quality community banks to our proven banking model. We look forward to the value this new division will create for our community and shareholders under Susan’s experienced leadership.”

Spokane-based Wheatland has 14 branches all over Central and Eastern Washington, from Ellensburg to Spokane Valley.

Glacier Bancorp is the parent company for Glacier Bank. It also includes several bank divisions located in Utah, southern Idaho, Colorado, Wyoming, Montana, Arizona and Mountain West Bank in Coeur d’Alene.

The announced deal marks Glacier’s 25th acquisition since 2000 and its 13th announced transaction in the past 10 years.

Horton noted the financial reach of Glacier Bancorp when lauding the deal.

“Glacier’s longstanding business model is to provide each of their community bank divisions the autonomy to operate in the manner that made them successful, but with the muscle of Glacier behind them,” she said.