State Bank of Arizona acquired by Montana-based Glacier Bancorp
Montana-based Glacier Bancorp will acquire Lake Havasu City-based State Bank Corp in a merger announced Monday, Sept. 30.
Pending shareholder and regulatory approval, State Bank and its affiliated divisions will operate under the Glacier Bancorp umbrella either late in the fourth quarter of 2019 or the first quarter of 2020. A news release states the combined company will operate as Foothills Bank.
Financial terms of the merger were not disclosed.
State Bank CEO Brian M. Riley said the merger was a natural fit for the 28-year-old company. Riley will assume the role of president and CEO and will run overall operations of Foothills Bank.
Upon completion of the acquisition, the expanded Foothills Bank will have 15 full-service branches in Lake Havasu City, Bullhead City, Kingman, Prescott, Prescott Valley, Yuma, Casa Grande, Tucson, Flagstaff, Cottonwood and Phoenix.
State Bank was established in 1991. After acquiring Prescott-based Country Bank in 2016, Mohave State Bank became the largest community bank in Arizona. It changed its name to State Bank of Arizona in November 2018.
State Bank announced on July 31 that the first six months of 2019 were one of the company’s most profitable period since it was founded. Bank officials said its net income for the second quarter of 2019 increased by 23.6% to $2.25 million over the same period in 2018. For the first six months of 2019, net income grew 2.26% to $4.08 million.
Glacier Bancorp, based in Kalispell, Montana, has divisions in Colorado, Idaho, Montana, Wyoming, Nevada, and Washington.