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Eagle Bancorp Montana completes Big Muddy Bancorp acquisition

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Eagle Bancorp Montana completes Big Muddy Bancorp acquisition

Helena, Mont.-based Eagle Bancorp Montana Inc. completed its acquisition of Townsend, Mont.-based Big Muddy Bancorp Inc. and its subsidiary State Bank of Townsend.

Benjamin Ruddy, former director and president of Big Muddy Bancorp and State Bank of Townsend, was appointed to the boards of Eagle Bancorp Montana and its subsidiary Opportunity Bank of Montana.

Under the terms of the deal, Big Muddy Bancorp shareholders received 20.49 shares of Eagle common stock for each share of Big Muddy Bancorp common stock. The value of the total deal consideration was approximately $16.4 million based on Eagle's closing price as of Dec. 31, 2018, which includes approximately 996,000 shares of Eagle common stock issued to Big Muddy Bancorp shareholders.