BAWAG Group has received all necessary regulatory approvals for the acquisition of Peak Bancorp, Inc. and its subsidiary, Idaho First Bank (NASDAQ:FRBA). The transaction, which involves a set purchase price of $65 million, is scheduled to close on November 30, 2023.
Peak Bancorp acts as the holding company for Idaho First Bank, a full-service state-chartered community bank that has been serving Southwest Idaho and Central Oregon since October 2005. The acquisition will allow BAWAG Group to collaborate with Idaho First Bank's leadership team, including CEO Todd Cooper, to expand its community-focused banking services in Idaho and adjacent markets.
The deal will enable Idaho First Bank to leverage BAWAG's operational support and financial strength for growth and enhanced customer service. It also provides BAWAG Group with a platform for additional expansion opportunities across the U.S., maintaining a focus on risk-adjusted returns and profitable growth.
CEO of Peak Bancorp and Idaho First Bank, Todd Cooper, along with Chairman Mark Miller, have expressed their enthusiasm about the benefits this deal offers for their team, customers, communities, and shareholders. A third of Peak Bancorp shareholders plan to reinvest sale proceeds into BAWAG stock.
Anas Abuzaakouk, CEO of Vienna-based BAWAG Group, views the acquisition as a growth opportunity providing a US banking platform. Upholding its "People First and Community First" motto, Idaho First Bank plans to leverage resources from BAWAG Group to serve its 2.1 million customers with comprehensive financial services while focusing on risk-adjusted returns and profitable growth.
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