Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Equality Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/24/2000
Announcement Date:
5/24/2000
Announced Deal Value ($ M):
20.40
Status:
Completed
Completion Date:
8/1/2000
Announced Deal Value Per Share ($ )
211.00

Consideration Breakout
Cash ($M) 20.4

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 223.9 220.6
Price / Tangible Book (%) 223.9 220.6
Price / Earnings (x) 13.8 12.9
Price / Deposits (%) 24.60 24.93
Price / Assets (%) 21.64 21.82
Tangible Book Premium/ Deposits (%) 15.86 15.67
Deal Terms
Description of Consideration

First Interstate paid $211 in cash for each Equality share held. Seller's financials are for Equality State Bank.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
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) NA
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 NA NA