AltabancorpTM Announces Acquisition by Glacier Bancorp, Inc.

Altabancorp^TM (Nasdaq: ALTA) (the “Company” or “Alta”) announced today the signing of a definitive agreement with Glacier Bancorp, Inc. (“Glacier” or the “Company”) (Nasdaq: GBCI) to acquire Alta, the bank holding company for Altabank^TM, a community bank headquartered in American Fork, Utah. The acquisition marks Glacier’s 24^th announced acquisition since 2000 and its 7^th announced transaction in the past five years. This also marks Glacier’s second acquisition of a Utah-based bank in the last two years, completing the acquisition of First Community Bank based in Layton, Utah in 2019. Altabank provides banking services to individuals and businesses throughout Utah and southern Idaho with 25 branch locations from Preston, Idaho to St. George, Utah. As of March 31, 2021, Alta had total assets of $3.5 billion, total loans of $1.8 billion and total deposits of $3.2 billion.

The boards of Glacier and Alta unanimously approved the transaction, which is subject to regulatory approval, Alta shareholder approval, and other customary conditions of closing. Glacier has obtained voting agreements from Alta’s Directors, Executive Officers and Principal Shareholders, including members of the Gunther family. The definitive agreement provides that upon closing of the transaction, Alta shareholders are to receive 0.7971 shares of Glacier stock for each Alta share. Based on the closing price of $61.51 for Glacier shares on May 17, 2021, the transaction would result in an aggregate value of $933.5 million. Upon closing of the transaction, which is anticipated to take place in the fourth quarter of 2021, Altabank will become Glacier’s 17^th bank division, and will operate under its existing name.

"We are excited and proud to welcome Altabank to the Glacier family of banks,” said Randy Chesler, Glacier's President and Chief Executive Officer. “This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes.” Chesler also noted that “This acquisition is consistent with our history of adding high quality community banks to our proven banking model. Altabank has been serving customers in Utah for over 100 years, and has developed a leading position and lasting legacy in the markets it serves.”

The transaction will be immediately accretive to Glacier’s tangible book value per share and immediately accretive to Glacier's earnings per share, excluding one-time transaction-related expenses.

Len Williams, President and CEO of Alta, commented, “Altabank has been a market leader in Utah for decades. In our constant quest to be bigger, better and stronger, the opportunity to join the Glacier family of banks was an undeniably great one for us. Becoming part of the Glacier family gives us the chance to compete with anyone, anywhere in our market, all while maintaining our local autonomy.”

Glacier management will review additional information regarding the transaction on a conference call beginning at 9:00 a.m. Mountain Time on Wednesday, May 19, 2021. The call may be accessed by dialing (877) 561-2748 and the conference ID is 3354557. A slide presentation to accompany management’s commentary may be accessed from Glacier’s May 18, 2021 Form 8-K filing with the Securities and Exchange Commission (the "SEC") or at https://www.glacierbancorp.com/news-market-information/annual-reports-presentations.

Glacier was advised in the transaction by D.A. Davidson & Co. as financial advisor and Miller Nash Graham & Dunn LLP as legal counsel. Altabancorp was advised by Keefe, Bruyette & Woods, A Stifel Company as financial advisor and Jones Day as legal counsel.

About Altabancorp^TM

Altabancorp^TM (Nasdaq: ALTA) is the bank holding company for Altabank^TM, a full-service bank, providing loans, deposit and cash management services to businesses and individuals through 25 branch locations from Preston, Idaho to St. George, Utah. Altabank^TM is the largest community bank in Utah with total assets of $3.5 billion. Our clients have direct access to bankers and decision-makers, who work with clients to understand their specific needs and offer customized financial solutions. Altabank^TM has been serving communities in Utah and southern Idaho for more than 100 years. More information about Altabank^TM is available at www.altabank.com. More information about Altabancorp^TM is available at www.altabancorp.com .

Important Information and Where You Can Find It

In connection with the proposed transaction, Glacier will file with the SEC a registration statement on Form S-4 to register the shares of Glacier’s capital stock to be issued in connection with the proposed transaction. The registration statement will include a proxy statement of Alta and a prospectus of Glacier, which will be sent to the shareholders of Alta seeking their approval of the proposed transaction.

This release does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. INVESTORS AND SHAREHOLDERS OF GLACIER AND ALTA AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT GLACIER, ALTA AND THE PROPOSED TRANSACTION. Investors will be able to obtain a free copy of the registration statement, including the proxy statement/prospectus, as well as other relevant documents filed with the SEC containing information about Glacier and Alta, without charge, at the SEC's website (