By Stephen Nakrosis
First Western Financial Inc. on Thursday said it signed an agreement which will see Teton Financial Services merge with and into First Western.
Under the terms of the deal, holders of Teton Financial shares will receive 0.0466 share of First Western common stock and 39 cents in cash for each Teton Financial share.
Based on First Western's closing stock price of $26.46 a share on July 21, the aggregate merger consideration is valued at $47.8 million, the companies said.
The deal is "expected to be 5.2% accretive to 2022 earnings per share and 0.4% dilutive to tangible book value," First Western said.
The deal is expected to close late in the fourth quarter of this year or early in the first quarter next year, the companies said.
First Western Financial is the parent company of First Western Trust Bank and Teton Financial Services is the parent company of Rocky Mountain Bank.
-Write to Stephen Nakrosis at [email protected]
Corrections & Amplifications
This article was corrected on July 23, 2021 because the original version misidentified Teton Financial as First Teton in the second paragraph.