Idaho Trust acquires division of Bank of Idaho

A Boise-based trust and wealth management services company is expanding its footprint in the industry.

Idaho Trust Company announced on Jan. 6 that it had entered into an agreement with Bank of Idaho to acquire the latter company’s Trust and Wealth Management Division. The acquisition will expand Idaho Trust into eastern Idaho.

Idaho Trust stated that the move will help it expand its footprint in the trust and wealth management sector, “aligning with the organization’s growth strategy and commitment to delivering custom trust and wealth management services to individuals, families and businesses, the acquisition ensures Bank of Idaho Trust and Wealth Management clients will benefit from expanded service offerings, ensuring a seamless transition and wider array of financial solutions.”

Thomas Prohaska, chairman and president of Idaho Trust called the acquisition an “exciting opportunity,” that will allow his company to reach a new group of clients.

“We are honored to welcome the new team and their clients into our family and are committed to providing them with the tailored solutions, enhanced resources and the personalized service they are accustomed to,” he said.

The acquisition will also allow Bank of Idaho to focus on its commercial and personal banking products and services.

“Our priority has always been to provide our customers with the best possible financial solutions,” said Jeff Newgard, chairman, president and CEO of Bank of Idaho. “By transitioning our Trust and Wealth Management Division to Idaho Trust, we are confident our clients will benefit from an expanded suite of services and the exceptional expertise of a team widely recognized for their dedication to trust and wealth management. We deeply appreciate the trust our clients have placed in us and are committed to supporting them through this transition.”

Bank of Idaho clients are being informed of the acquisition and transition process, and it is expected to close the first quarter of 2025.