Community Financial Group Inc., the holding company of Spokane-based Wheatland Bank, has agreed to be acquired by Kalispell, Montana-based Glacier Bancorp Inc., pending shareholder and regulatory approval, the companies announced today.

Board directors of both companies unanimously have approved the transaction, which is anticipated to close in the fourth quarter this year, according to a joint press release issued by the banks.

The acquisition is valued at $80.6 million as of Aug. 7, according to a filing with the Securities and Exchange Commission.

Wheatland Bank will become a new division for Glacier and combine with Glacier’s Chelan, Washington-based North Cascades Bank division. North Cascades Bank operates nine branches with about 100 employees, according to the release.

Wheatland Bank’s current president and CEO Susan Horton will continue to head the expanded operations.

Horton says, “Not only is Glacier one of the strongest and highest-performing banking companies in the nation, but their community banking operating model and decentralized culture make them a perfect fit for our customers, employees, and shareholders.”

As of June 30, Community Financial Group’s total assets were $754 million, with total loans of $475 million, and total deposits of $609 million, the release states.

Glacier’s President and CEO Randy Chesley says in the release, “Wheatland’s footprint complements our current presence in Eastern Washington, a market which has been experiencing tremendous growth.”

The combined division will have $1.6 billion in assets, 23 branch locations, and about 250 total employees in Eastern and central Washington.

“Glacier’s longstanding business model is to provide each of their community bank divisions the autonomy to operate in the manner that made them successful, but with the muscle of Glacier behind them,” says Horton. “We will have the strength, depth of resources, and liquidity of a $28 billion public company traded on the New York Stock Exchange, will expand our local Wheatland footprint, and immediately double in size after integrating the North Cascades division, to become a Top 5 Eastern Washington bank.”

Glacier Bancorp is the parent company of Glacier Bank and 16 bank divisions including Mountain West Bank, of Coeur d’Alene, and First Security Bank of Missoula, in Missoula, Montana.

This report has been updated to include the value of the transaction.