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Eagle Bancorp Montana closes acquisition of Western Holding Co. of Wolf Point

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Eagle Bancorp Montana closes acquisition of Western Holding Co. of Wolf Point

Eagle Bancorp Montana Inc. completed its acquisition of Western Holding Co. of Wolf Point and Western Bank of Wolf Point, effective Jan. 1.

Western Holding merged into Eagle Bancorp Montana, with the latter as the surviving entity. Western Bank merged into Opportunity Bank of Montana, a unit of Eagle Bancorp Montana, with the latter bank surviving.

Under the terms of the deal, each outstanding Western Holding common share was converted into the right to receive 179.44464 Eagle Bancorp Montana common shares with cash to be paid in lieu of any fractional shares and $2,946.51 in cash. As a result of the transaction, Eagle Bancorp Montana will issue about 395,858 common shares and pay roughly $6.5 million to the former holders of Western Holding common shares. Eagle Bancorp Montana noted in a filing that its outstanding common shares remain outstanding and are unaffected by the merger.

The deal was valued at nearly $15.0 million, based on Eagle Bancorp Montana's closing price as of Dec. 31, 2019.

In the transaction, Eagle Bancorp Montana acquired one retail bank branch and about $100 million in assets, $77 million in deposits and $41 million in gross loans, based on Western Holding's financial statements as of Sept. 30, 2019, according to a news release.