Glacier to buy Treasure Valley

Glacier Bancorp., Kalispell, Mont., will acquire Treasure State Bank, Missoula, Mont., for $13 million..As of March 31, the one-branch Treasure State Bank has total assets of $72 million and loans of $53 million. Treasure State Bank had net operating income of $115,000 in the first quarter, up 16 percent from 2015.."We are especially proud of the 57.9% decrease in non-performing assets year over year and our double digit improvement in earnings performance year over year," said Jim Salisbury, Treasure State chair, president and CEO. "Our dedicated staff has worked very hard to effect this improvement. … Glacier is acquiring a first class group of employees, as well as quality assets and deposits, along with the accompanying outstanding customer base.".The deal is tentatively set to close in July, Salisbury said. The Treasure State Bank office will operate under Glacier's First Security Bank name..Glacier was advised in the transaction by Miller Nash Graham & Dunn LLP as legal counsel. Treasure State Bank was advised by D.A. Davidson & Co., as financial advisor, and Bjornson Law Offices, PLLC, as legal counsel.