Eagle Bancorp (EBMT) Receives Regulatory Approval to Acquire Montana Locations

Eagle Bancorp Montana, Inc. (NASDAQ: EBMT) and its wholly-owned subsidiary, American Federal Savings Bank today announced the receipt of regulatory approval from the Office of the Comptroller of the Currency for the purchase of seven branch banking locations from Sterling Savings Bank, a wholly-owned subsidiary of Sterling Financial Corporation (NASDAQ: STSA).

The transaction will expand Eagle’s franchise to 13 branches and extend its branch network throughout Southern Montana. In addition, the transaction also strengthens Eagle’s mortgage origination franchise and adds a wealth management business headquartered in Bozeman.

Eagle will acquire approximately $187 million of deposits for an estimated deposit premium of 3.88%, or approximately $7.3 million. Additionally, Eagle will receive approximately $44 million of pass-rated, performing loans. It is expected that the transaction will be immediately accretive to Eagle’s earnings per share.

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