HELENA, Mont.--(BUSINESS WIRE)--
Eagle Bancorp Montana, Inc. (NASDAQ: EBMT) and its wholly-owned
subsidiary, American Federal Savings Bank (collectively “Eagle”) today
announced the completion of the acquisition of seven branch banking
locations from Sterling Savings Bank, a wholly-owned subsidiary of
Sterling Financial Corporation (NASDAQ: STSA) effective November 30,
2012.
The transaction expands Eagle’s franchise to 13 branches and extends its
branch network throughout Southern Montana. In addition, the transaction
also strengthens Eagle’s mortgage origination franchise and adds a
wealth management business headquartered in Bozeman. Of the seven
acquired branches six are in new markets for Eagle, including two in
Missoula, one in Billings, and one each in Hamilton, Livingston and Big
Timber. The seventh is in Bozeman where Eagle already has a presence.
Eagle acquired approximately $180.9 million of deposits for a premium of
3.88%, or approximately $7.0 million. Additionally, Eagle purchased
approximately $41.3 million of pass-rated, performing loans. It is
expected that the transaction will be immediately accretive to Eagle’s
earnings per share.
About Eagle
Eagle Bancorp Montana, Inc. is a bank holding company headquartered in
Helena, Montana and is the holding company of American Federal Savings
Bank, a community bank established in 1922 that serves consumers and
small businesses in Southern Montana through 13 banking offices.
Additional information is available on the bank’s website at www.americanfederalsavingsbank.com.
The shares of Eagle Bancorp Montana, Inc. are traded on the NASDAQ
Global Select Market under the symbol “EBMT.”
Forward-Looking Statements
This release may contain certain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, and may be identified by the use
of such words as "believe," "expect," "anticipate," "should," "planned,"
"estimated," and "potential." These forward-looking statements include,
but are not limited to statements of our goals, intentions and
expectations. These forward-looking statements are based on current
beliefs and expectations of our management and are inherently subject to
contingencies, many of which are beyond our control. Actual and
anticipated future results may vary due to certain risks and
uncertainties, including, without limitation; our ability to
successfully integrate acquired businesses including the branches and
other operations acquired from Sterling Savings Bank;changes in
laws or government regulations or policies affecting financial
institutions, including changes in regulatory fees and capital
requirements; general economic conditions, either nationally or in our
market areas, that are worse than expected; competition among depository
and other financial institutions; loan demand or residential and
commercial real estate values in Montana; inflation and changes in the
interest rate environment that reduce our margins or reduce the fair
value of financial instruments; adverse changes in the securities
markets; and other economic, governmental, competitive, regulatory and
technological factors that may affect our operations;and other
risks or uncertainties detailed in the Company’s Annual Report on Form
10-K for the fiscal year ended June 30, 2012 and other periodic filings
with the Securities and Exchange Commission and available at the SEC’s
website at http://www.sec.gov.
We wish to caution you that these factors could affect our financial
performance and could cause actual results for future periods to differ
materially from any opinions or statements expressed with respect to
future periods in any current statements.The Company undertakes
no duty or obligation to update this information in the future.
Eagle Bancorp Montana, Inc.
Peter J. Johnson, President and CEO,
406-457-4006
or
Clint J. Morrison, SVP and CFO, 406-457-4007
Source: Eagle Bancorp Montana, Inc.