Eagle Bancorp Buys Hamilton’s Sterling Savings Branch
Eagle Bankcorp Montana and its subsidiary American Federal Savings Bank have received approval to purchase seven branch banking locations from Sterling Savings Bank.
The branch offices are in Hamilton, Missoula, Billings, Big Timber, Livingston and Bozeman. American Federal Savings Bank currently has three branches in Helena and offices in Bozeman, Butte and Townsend. Eagle’s franchise will now include 13 branches and adds a wealth management business in Bozeman.
Peter J. Johnson, President and CEO of Eagle Bancorp Montana said in a press release, “This transaction will double our branch network…We will become the sixth largest bank (in terms of deposits) headquartered in Montana.”
Eagle will acquire $187 million in deposits and $44 million in loans. Eagle Bancorp Montana is a bank holding company in Helena. American Federal Savings Bank is a community bank established in 1922.
The transaction is expected to be completed about November 30th. The Office of the Comptroller of the Currency has already approved the deal.