Bank of Jackson Hole swallowed up by Colorado bank
Strategic acquisition serves to accelerate growth in the fast-growing Rocky Mountain Region
JACKSON HOLE, Wyo. — Bank of Jackson Hole has been purchased by National Bank Holdings Corporation (NBHC) of Colorado, the announcement made last week.
Upon completion of the transaction, NBHC will have approximately $8.8 billion in pro forma assets and $7.7 billion in total deposits, and becomes the #2 ranked bank by deposits in Teton County, Wyoming.
Founded in 1982, BOJH is a full-service community bank with a Wyoming-domiciled trust business. BOJH had $623.4 million in assets under management as of the end of 2021. Additionally, BOJH had $1.6 billion in assets, $1.5 billion in deposits, $1.0 billion in loans, and 12 banking centers as of December 31, 2021.
“We are pleased to welcome a high-quality franchise with strong ties to their communities into the NBH family,” said Tim Laney, chairman, president and CEO of National Bank Holdings Corporation. “Bank of Jackson Hole brings a successful trust business, a deep commitment to the local community and exceptional client service. By gaining entry into the fast-growing Jackson Hole and Boise markets, we strengthen our position as the premier Rocky Mountain regional bank focused on commercial and business banking.”
Pete Lawton, chairman and CEO of Bank of Jackson Hole will continue to lead the bank in Wyoming and serve in a strategic leadership role at NBH Bank.
“We are excited about this new chapter for Bank of Jackson Hole,” Lawton said. “NBH Bank offers growth opportunities for our institution and will strengthen our ability to support the communities we serve.”
Under the terms of the agreement, BOJH shareholders will receive approximately $53.0 million in cash consideration, and approximately 4.4 million shares of NBH common stock, subject to certain potential adjustments. The transaction has a value of $230.0 million in the aggregate, based on NBH’s closing price of $40.28 on March 31, 2022.
“The growth potential in the next few years for BOJH is remarkable,” shared Tom Biolchini, president of Bancshares of Jackson Hole Incorporated. “Finding the right partner who shares our values and corporate culture was essential in helping us achieve BOJH’s goals. Our family is elated that we found that partnership in NBH.”
The proposed transaction, has been approved by the organizations’ respective boards of directors, and is subject to the approval of BOJH’s shareholders, regulatory approval, and other customary closing conditions. NBH Bank expects to close the proposed transaction during the second half of 2022.
