Glacial Bancorp to sell six Montana branches

Northwestern Financial Review, Apr 15, 2001

Glacial Bancorp, Inc., Kalispell, Mont. plans to sell six branch offices with assets of $79 million to Stockman Bank of Montana, Miles City. Stockman will acquire five Western Security Bank offices located in Conrad, Havre and three branches in Great Falls and one Glacier Bank office located in Cut Bank. The sale is expected to be complete by the end of June.

According to James Strosahl, executive vice president and CFO of Glacier Bancorp, the sale is the result of a previous acquisition. "We had acquired Western Security Bank, which became effective at the end of February," he explained. "In looking at the 27 branches we acquired with that acquisition, we came to the conclusion these six didn't quite fit in with our overall plans for market areas in which we believe we have a lot of potential. The acquirer, Stockman, is a strong agriculture and community lender and these branches seem like a better fit for them."

Strosahl said it is not known whether the purchaser will institute any personnel changes but the possibility of cuts exists.

When the acquisition is complete, Stockman Financial Corp., the parent company of Stockman Bank of Montana, will be a $750 million holding company with 18 full-service locations in Montana.