Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Security State Bank & Trust Company
Deal Type:
Bank & Thrift Company
Agreement Date:
4/20/1999
Announcement Date:
4/20/1999
Announced Deal Value ($ M):
11.80
Status:
Completed
Completion Date:
7/9/1999
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 11.9

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 153.6 153.2
Price / Tangible Book (%) 153.6 153.2
Price / Earnings (x) NM 43.7
Price / Deposits (%) 22.70 22.54
Price / Assets (%) 18.88 18.82
Tangible Book Premium/ Deposits (%) 8.36 8.29
Deal Terms
Description of Consideration

First Interstate paid roughly $11.9 million in cash for all outstanding shares of Security State.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 2,283
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 1,300
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Holland & Hart LLP
Seller Yes Dorsey & Whitney LLP