Yellowstone Bank Acquires 1st Bank, Sidney
Yellowstone Bank (Yellowstone) and 1st Bank (1st Bank) have announced the signing of a purchase and assumption agreement whereby Yellowstone will acquire the Sidney, MT branch of 1st Bank, subsidiary of 1st United Bancorporation, Inc.
As part of the transaction, Yellowstone will acquire one full-service retail branch, approximately $110 million in deposits and approximately $40 million in loans. Terms of the transaction will not be disclosed. The transaction is subject to customary regulatory approvals and certain closing conditions, and a September closing is anticipated.
1st Bank plans to relocate its bank charter to Broadus, MT which will continue independent operations managed by John Franklin. Brad Franklin will be joining Yellowstone Bank as President of the Sidney bank.
Jay Harris, President of Yellowstone Bank, said “John Franklin and his team have run a great operation. The styles of the banks are similar as both value long term relationships and have strong roots in agriculture and small business lending. We are very excited to welcome their staff to Yellowstone Bank and look forward to meeting their valued customers.”
“The major stockholders and most directors are well past the normal retirement age and decided it was time to “cash out”, “said 1st Bank President and CEO John Franklin. Since 1st Bank Sidney is located in the Bakken Oil Field and a Yellowstone River irrigated valley, the Board of Directors received offers from large banks, but considered Yellowstone Bank to be the best fit for its valued staff and customers. The Board of Directors and John say, “Thank You Sidney community for the long term relationship. The ride has been great due to you.” Banking in Broadus will remain status quo.
Yellowstone Bank was advised in the transaction by Sandler O’Neill & Partner, L.P. as financial advisor, and Crowley, Samson, Jones & Chisholm, PLLC as legal counsel.
The Sidney bank will be eigth location for Yellowstone Bank which was founded by B.M. Harris in 1907 and today, after five generations, is still operated by the Harris family. Bank management and staff are committed to maintaining Yellowstone Bank’s exceptional level of customer service, stability and financial strength. The company website is http://www.yellowstonebank.com.
1st Bank was founded in 1975 as 1st United Bank of Sidney and offers a full range of deposit services and agriculture, commercial, residential and personal/consumer loans. The company website is http://www.our1stbank.com.