D.L. Evans Bancorp, parent bank holding firm for D.L. Evans Bank, has signed an Asset Purchase Agreement with Idaho Bancorp, subject to final approval of the U.S. Bankruptcy Court.
The deal will see D.L. Evans Bancorp acquiring all of the outstanding stocks of common share of Idaho Banking Company free and clear of all liens, claims and encumbrances, and without assuming any liability of Idaho Bancorp.
Boise, Idaho-based, Idaho Banking Company, owns four branches in and around the Boise area. D.L. Evans Bancorp will merge the operations of Idaho Banking Company with D.L Evans Bank and will continue to offer the highest quality customer service to its new and current customers across the combined service area.
The deal would be completed in Q3-2014, subject to customary regulatory approval.
D.L. Evans Bancorp's CEO, John V. Evans Jr., said : "D.L. Evans Bank has a strong 110 year banking history in the State of Idaho. 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."
President and CEO of Idaho Bancorp, James Latta, said : 'We are excited to have reached an agreement with another Idaho headquartered bank. 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.'
Director, Idaho Department of Finance, Gavin Gee, added : 'We are very pleased with the announcement of this transaction. 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.'