Stinson Leonard Street Represents Cañon National Bank in $31.8 Million Sale to Glacier Bancorp., Inc.
Cañon Bank Corporation, and its subsidiary, Cañon National Bank, a community bank based in Cañon City, Colorado, announced the signing of a definitive agreement to merge with Glacier Bancorp, Inc. Stinson Leonard Street LLP attorneys Ernie Panasci and Ryan Behrman advised Cañon in the sale.
The deal value is estimated at $31.8 million and is scheduled to close in the fourth quarter of 2015, subject to satisfaction of customary closing conditions. The boards of both Glacier and Cañon Bank Corporation unanimously approved the transaction.
Cañon National Bank has nine offices in the southern Colorado and provides banking services to individuals and businesses. As of June 30, 2015, Cañon National Bank had total assets of $253 million, gross loans of $159 million and total deposits of $225 million.
Daniel Tanner, the Chairman and CEO of Cañon National Bank, said customers will benefit from an enhanced line of service offerings, greater lending capacity, and expanded office locations as a result of the transaction.
Stinson Leonard Street, under the direction of attorneys Ernie Panasci and Ryan Behrman, served as legal counsel to Cañon National Bank. Keefe, Bruyette & Woods, a Stifel Company served as financial advisor, and FIG Partners LLC rendered the fairness opinion to the effect that the merger consideration to be received by the holders of Cañon Bank Corporation common stock pursuant to the definitive agreement is fair, from a financial point of view, to the shareholders of Cañon Bank Corporation.
Stinson Leonard Street's Banking and Financial Services practice provides a full range of legal services to hundreds of financial institutions from large national organizations to regional and community banks, credit unions, industrial loan and thrift companies, private institutional and asset managers, and government entities.