HELENA, Mont., Jan. 02, 2019 (GLOBE NEWSWIRE) — Eagle Bancorp Montana, Inc. (NASDAQ: EBMT), (the “Company,” “Eagle”), the holding company of Opportunity Bank of Montana, today announced that it completed, effective January 1, 2019, its previously announced acquisition of Big Muddy Bancorp, Inc. and its wholly owned subsidiary, The State Bank of Townsend, Townsend, Montana (“Townsend”), in a transaction valued at $16.4 million based on Eagle’s closing price as of December 31, 2018. In the transaction, Eagle acquired four State Bank of Townsend retail bank branches and approximately $108 million in assets, $92 million in deposits and $92 million in gross loans, based on Big Muddy Bancorp’s September 30, 2018 financial statements. The combined company has 21 branches. Effective at the time of the merger, Eagle appointed Benjamin G. Ruddy, the former director and President of Big Muddy Bancorp and Townsend, to serve on the Boards of Eagle and Opportunity Bank of Montana.
Under the terms of the merger agreement, Big Muddy Bancorp shareholders received 20.49 shares of Eagle common stock for each share of Big Muddy Bancorp common stock. The value of the total deal consideration was approximately $16.4 million based on Eagle’s closing price as of December 31, 2018, which includes approximately 996,000 shares of Eagle common stock issued to Big Muddy Bancorp shareholders.