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Ascent Bancorp to acquire First Security Bank of Helena

Montana corporation Ascent Bancorp has entered into a stockpurchase agreement with F.S.B.Holding Co. for the sale and purchase of all shares of Helena,Mont.-based First Security Bankof Helena.

All 12,000 First Security Bank of Helena shares will beacquired withcash. The total purchase price has yet to be finalized, according to aregulatory filing.

SNL valuations for bank and thrift targets in the Westregion between Dec. 30, 2014, and Dec. 30, 2015, averaged 131.69% of book,139.42% of tangible book and had a median of 24.08x last-12-months earnings, onan aggregate basis.

The filing said that Ascent Bancorp is offering for sale aminimum of 600,000 shares of its capital stock at $10 apiece. The companyreserves the right to accept subscriptions for up to 750,000 shares pursuant tothe offering, which will continue until the sale of all shares offered or untilAscent Bancorp receives regulatory approval to complete the purchase of FirstSecurity Bank of Helena, whichever occurs first. The shares are being offeredonly to accredited investors.

Beau Hurtig and Lynn Gardin of Fredrikson & Byron PAserved as legal counsel to Ascent Bancorp, while Steven Johnson of Lindquist& Vennum LLP served as legal counsel to F.S.B., in the transaction.

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