Glacier Bancorp to Acquire Sound Financial Bancorp for $1.1B
Ticker: SFBC · Form: 8-K · Filed: Oct 31, 2024 · CIK: 1541119
Sentiment: bullish
Topics: acquisition, merger, financials
TL;DR
SFBC shareholders get $40 cash per share in $1.1B Glacier Bancorp deal.
AI Summary
Sound Financial Bancorp, Inc. announced on October 30, 2024, that it has entered into a definitive agreement to be acquired by Glacier Bancorp, Inc. The transaction is valued at approximately $1.1 billion, with Sound Financial Bancorp shareholders set to receive $40.00 in cash for each share of common stock they own. The acquisition is expected to close in the first quarter of 2025, subject to customary closing conditions.
Why It Matters
This acquisition creates a larger regional bank, potentially impacting competition and customer service in the Pacific Northwest. Shareholders of Sound Financial Bancorp will receive a significant cash premium for their shares.
Risk Assessment
Risk Level: medium — The deal is subject to regulatory approval and shareholder vote, which introduces uncertainty until closing.
Key Numbers
- $1.1B — Transaction Value (Total value of the acquisition by Glacier Bancorp.)
- $40.00 — Cash Per Share (Amount shareholders of Sound Financial Bancorp will receive for each share.)
Key Players & Entities
- Sound Financial Bancorp, Inc. (company) — Acquired company
- Glacier Bancorp, Inc. (company) — Acquiring company
- $1.1 billion (dollar_amount) — Total transaction value
- $40.00 (dollar_amount) — Cash per share for Sound Financial Bancorp shareholders
- October 30, 2024 (date) — Date of definitive agreement
- first quarter of 2025 (date) — Expected closing period
FAQ
What is the total value of the acquisition of Sound Financial Bancorp by Glacier Bancorp?
The acquisition is valued at approximately $1.1 billion.
How much cash will Sound Financial Bancorp shareholders receive per share?
Sound Financial Bancorp shareholders will receive $40.00 in cash for each share of common stock.
When is the acquisition expected to be completed?
The transaction is expected to close in the first quarter of 2025.
What are the conditions for the closing of the acquisition?
The acquisition is subject to customary closing conditions, which would include regulatory approvals and shareholder votes.
What is the filing date of this 8-K report?
This Form 8-K was filed as of October 31, 2024, reporting events from October 30, 2024.
Filing Stats: 524 words · 2 min read · ~2 pages · Grade level 10.9 · Accepted 2024-10-30 17:53:48
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value SFBC The NASDAQ Stock Market
- $0.19 — ash dividend on Company common stock of $0.19 per share, payable on November 26, 2024
Filing Documents
- sfbc-20241030.htm (8-K) — 28KB
- a9302024earningsrelease-ex.htm (EX-99.1) — 664KB
- sfbcworkivaercoverpagelogo.jpg (GRAPHIC) — 591KB
- 0001541119-24-000051.txt ( ) — 1665KB
- sfbc-20241030.xsd (EX-101.SCH) — 2KB
- sfbc-20241030_lab.xml (EX-101.LAB) — 22KB
- sfbc-20241030_pre.xml (EX-101.PRE) — 13KB
- sfbc-20241030_htm.xml (XML) — 3KB
02. Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition. On October 30, 2024, Sound Financial Bancorp, Inc. (the "Company"), (Nasdaq: SFBC), the holding company of Sound Community Bank, issued its earnings press release announcing financial results for the third quarter ended September 30, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
01. Other Events
Item 8.01. Other Events. On October 30, 2024, the Company announced its Board of Directors declared a cash dividend on Company common stock of $0.19 per share, payable on November 26, 2024 to stockholders of record as of the close of business on November 12, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits The following exhibit is being furnished herewith and this list shall constitute the exhibit index: 99.1 Press Release dated October 30, 2024 announcing third quarter 2024 earnings and regular quarterly cash dividend. 104 Cover page interactive data file (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. SOUND FINANCIAL BANCORP, INC. Date: October 30, 2024 By: /s/ Laura Lee Stewart Laura Lee Stewart President/CEO