Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate Bank
Target:
Idaho Independent Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
10/11/2018
Announcement Date:
10/11/2018
Announced Deal Value ($ M):
183.22
Status:
Completed
Completion Date:
4/8/2019
Announced Deal Value Per Share ($ )
22.95

Consideration Breakout
Common Stock ($M) 157.2
Common Stock Issued 3,871,422

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 250.9 204.0
Price / Tangible Book (%) 250.9 204.0
Price / Earnings (x) 41.0 15.9
Price / Deposits (%) 30.04 26.27
Price / Assets (%) 25.27 21.66
Tangible Book Premium/ Deposits (%) 18.96 13.88
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. exchanged 0.5 shares of its class A common stock for each of the outstanding share of Idaho Independent Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 74,100
Estimated Cost Savings (%) 56.00
Estimated Cost Savings ($ 000) 12,789
Est. Restructuring Charges ($ 000) 16,900
Maximum Termination Fee ($ 000) 6,834
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.500000
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) 13,600
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Piper Jaffray & Co.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Witherspoon Kelley Davenport