MISSOULA, MT--(Marketwired - Apr 21, 2016) - Treasure State Bank ("the Bank") (OTCQB: TRSU), a Montana chartered community bank, today announced:
President and Chief Executive Officer Jim Salisbury stated "On April 20, 2016, Glacier Bancorp, Inc. ("Glacier"), (NASDAQ: GBCI) announced the signing of a definitive agreement to acquire Treasure State Bank (OTCQB: TRSU). We are excited to become part of the Glacier family of banks and to give our customers access to seven additional First Security Bank branches in Missoula. While working with Glacier in arriving at this agreement to join them, one of the foremost considerations of Treasure State Bank's Board of Directors was how our employees would be absorbed into First Security Bank as a result of this acquisition. I am pleased to say that Glacier values our employees as much as we do, and, accordingly, our valued customers will see no change in the individuals who greet and service them with their banking needs. In addition, this partnership gives our customers access to Glacier ATM's and banking facilities throughout Missoula, the state of Montana and the region. In addition, First Security Bank customers will now have access to our convenient location along Mullan Road in Missoula. Our employees are talented, dedicated and committed to giving our customers the best customer service possible. In addition, our shareholders are being treated fairly with the terms of this merger. With approximately 70% of the transaction in the form of shares of Glacier stock, our shareholders will be holding shares in one of the best banks in the country which has a long proven record of performance, shareholder return, dividend payments and excellent market liquidity."
Mr. Salisbury further stated "As noted in the reported financial results for the quarter, the Bank's financial performance continues to improve at a solid pace. 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. Our dedicated staff has worked very hard to effect this improvement. The Board of Directors is proud of the financial performance of the Bank and the dedication and quality of its employees. Glacier is acquiring a first class group of employees, as well as quality assets and deposits, along with the accompanying outstanding customer base. Please continue to monitor press releases for further details as to the value of this transaction to Treasure State Bank shareholders and a timeframe for shareholder approval for this pending acquisition, tentatively scheduled for July, 2016."