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D.L. Evans Bancorp Enters Into Agreement With Idaho Bancorp
Burley, Idaho, ( KMVT-TV / KSVT-TV ) – D.L. Evans Bancorp, parent bank holding company for D.L. Evans Bank, announced today that it has entered into an Asset Purchase Agreement with Idaho Bancorp, pending final approval of the U.S. Bankruptcy Court. Under the terms of the Asset Purchase Agreement, D.L. Evans Bancorp will purchase all of the outstanding shares of common stock of Idaho Banking Company free and clear of all liens, claims and encumbrances, and assumes no liabilities of Idaho Bancorp. The transaction is expected to close during the third quarter of 2014 and is subject to customary regulatory approval.
"D.L. Evans Bank has a strong 110 year banking history in the State of Idaho," said John V. Evans Jr., D.L. Evans Bancorp’s CEO. "The acquisition of Idaho Banking Company further enhances our footprint in Idaho’s largest city and helps us continue to further solidify our position as the largest bank headquartered in Idaho."
Idaho Banking Company, headquartered in Boise, Idaho, has 4 branches in and around the Boise area. D.L. Evans Bancorp will combine the operations of Idaho Banking Company with D.L Evans Bank and will continue to provide the highest quality customer service to its new and existing customers throughout the combined service area.
“We are excited to have reached an agreement with another Idaho headquartered bank,” said James Latta, President and CEO of Idaho Bancorp. “D.L. Evans Bank has a strong history of growth and profitability, and this transaction will allow them to continue to expand and serve the Boise community. As a partner, the scale of D.L. Evans Bank will allow them to offer additional products and services to Idaho Banking Company’s existing customers and employees.”
“We are very pleased with the announcement of this transaction," said Gavin Gee, Director, Idaho Department of Finance. “D.L. Evans Bank has a long and rich history as one of Idaho’s oldest, very successful community banks providing outstanding financial services to their valued customers and communities. True to their tradition, this transaction is in the best interests of the communities they serve.”
Over the last 110 years, D.L. Evans Bank has grown organically to over $1 billion in assets and $665 million in loans. The pro forma institution will combine to have 11 branches and $313 million of deposits in the Boise metropolitan area, moving D.L. Evans Bank from tenth to seventh in deposit market share. This acquisition, being D.L. Evans Bancorp’s first, is attractive financially and a key strategic move as the company continues to grow its franchise in the Treasure Valley market.
D.L. Evans Bancorp was advised by Sterne Agee & Leach, Inc. and the law firm of Fenimore, Kay, Harrison & Ford, LLP.
About D.L Evans Bancorp
D.L. Evans Bancorp is a $1.0 billion Idaho-based bank holding company. It’s wholly owned subsidiary, D.L. Evans Bank provides a full array of banking products and services through its 21 branch facilities located throughout Southern Idaho. For 110 years, D.L. Evans Bank has taken pride in helping Idaho's families grow and prosper through excellent customer and community support. D.L. Evans Bank is the largest Idaho headquartered bank. The former governor of the State of Idaho, John V. Evans, Sr., currently serves as the President of D.L. Evans Bancorp and D.L. Evans Bank.
About Idaho Banking Company
Idaho Banking Company is a $102 million bank based in Boise, Idaho, with 4 branch locations throughout the Boise metropolitan area. The bank is a full-service commercial bank that provides financial products to personal and business customers.