Eagle Bancorp Montana to acquire Ruby Valley BankStaff Writer | September 6, 2017
Eagle Bancorp Montana, the holding company of Opportunity Bank of Montana, announced the signing of a definitive merger agreement through which it will acquire Ruby Valley Bank, Twin Bridges Montana.
Acquisition The combined bank will have 16 branches
Ruby Valley’s parent corporation, TwinCo, Inc., will merge with and into Eagle with Eagle as the surviving entity, and its wholly own subsidiary Ruby Valley Bank will merge with and into Opportunity Bank.
Ruby Valley Bank, headquartered in Twin Bridges, Montana, currently operates 2 branches in Twin Bridges and Sheridan and will add approximately $90 million in assets, $78 million in deposits, and $55 million in gross loans to Opportunity Bank.
The combined company will have 16 branches.
The board of directors for both companies unanimously approved the transaction, which is subject to the approvals of bank regulatory agencies, approval of the shareholders of TwinCo, Inc. and other customary closing conditions.
Upon completion of the transaction, Ken Walsh, currently president and CEO of TwinCo, Inc. will join the boards of directors of both Eagle and Opportunity Bank and will lead the new branch efforts in southwest Montana. ■