BAWAG Group AG (WBAG:BG) signed an agreement to acquire Peak Bancorp Inc. (OTCPK:IDFB) for $64.4 million on February 1, 2022. The transaction represents a diluted per share price of $12.05. BAWAG Group will work with the current leadership team of Idaho First Bank, subsidiary of Peak Bancorp, to continue growing its community banking focused business in Idaho and adjacent market.

The transaction was approved by the Board of Directors of Peak Bancorp. The transaction is subject to regulatory approval and the approval of the shareholders of Peak Bancorp. As of March 8, 2023, transaction has received shareholder approval from Peak Bancorp. As of November 2, 2023, parties received all regulatory approvals required for the transaction. The closing of the deal will be scheduled for November 30, 2023.

Ben Barnhill, Brennan Ryan, John Willis and Ann Murray of Nelson Mullins Riley & Scarborough LLP acted as legal advisors to Peak. Matthew Taratus, Joseph Gulash, Stephen Gunlock of Keefe, Bruyette & Woods, Inc. acted as Financial Advisor to Peak Bancorp Inc.

BAWAG Group AG (WBAG:BG) completed the acquisition of Peak Bancorp Inc. (OTCPK:IDFB) on November 30, 2023.