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American Bancor to acquire Beartooth Financial

Dickinson, N.D.-based American Bancor Ltd. intends to acquire Billings, Mont.-based Beartooth Financial Corp., pending regulatory approval.

Beartooth Financial is a community bank with approximately $46 million in assets, according to a news release. American Bancor had $1.87 billion in assets as of June 30, according to data from S&P Global Market Intelligence.

Financial terms of the deal were not disclosed. S&P Global Market Intelligence valuations for bank and thrift targets in the West region between Sept. 23, 2018, and Sept. 23, 2019, averaged 178.74% of book and 181.38% of tangible book and had a median of 16.34x last-12-months earnings, on an aggregate basis.

American Bancor is the holding company of American Bank Center and United Community Bank of North Dakota. Beartooth Financial is the holding company of Beartooth Bank, which will merge into American Bancor but continue to operate independently and retain its name. Sheri Nicholson will act as the bank's president.

With the acquisition, American Bancor will enter Yellowstone County, Mont., with one branch to be ranked eighth with a 0.82% share of about $4.72 billion in total market deposits, according to S&P Global Market Intelligence data.

Olson & Burns PC served as legal counsel and Eide Bailly LLP served as a deal adviser for American Bancor. D.A. Davidson & Co. was financial adviser and Stinson LLP served as legal counsel to Beartooth Financial.

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