Opportunity Bank of Montana, and its holding company, Eagle Bancorp Montana Inc., recently became the fifth largest Montana-based bank.
The distinction comes months after the bank announced it would be purchasing Ruby Valley Bank in Twin Bridges.
The Jan. 30 transaction is valued at $18.9 million and involves the acquisition of Ruby Valley’s two retail bank branches, approximately $90 million in assets, $78 million in deposits and $55 million in gross loans. The combined company now has 17 branches.
“We are pleased to announce the completion of this transaction and want to welcome Ruby Valley Bank customers and employees to the Eagle and Opportunity Bank team,” said Peter J. Johnson, president and chief executive officer, in a news release. “This transaction provided us a unique opportunity to expand our market presence and lending activities, particularly agricultural lending in the Ruby Valley, and our larger branching network will allow us to better serve our new and existing customers.”