Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Silver Run Bancorporation, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/27/2002
Announcement Date:
8/27/2002
Announced Deal Value ($ M):
8.00
Status:
Completed
Completion Date:
1/1/2003
Announced Deal Value Per Share ($ )
3,241.16

Consideration Breakout
Unclassified ($M) 8.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 182.3 182.3
Price / Tangible Book (%) 182.3 182.3
Price / Earnings (x) 11.4 11.4
Price / Deposits (%) 22.10 20.25
Price / Assets (%) 17.43 16.22
Tangible Book Premium/ Deposits (%) 13.39 12.42
Deal Terms
Description of Consideration

Silver Run shareholders received $8.0M in cash & stock, subject to the condition that First Interstate would not issue more than $5.0M in stock. Seller's financials are for United States National Bank of Red Lodge.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 4,595
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 261
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Christian Samson Jones
Seller Yes Lindquist & Vennum LLP