Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate Bank
Target:
Community 1st Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
10/11/2018
Announcement Date:
10/11/2018
Announced Deal Value ($ M):
21.83
Status:
Completed
Completion Date:
4/8/2019
Announced Deal Value Per Share ($ )
17.37

Consideration Breakout
Common Stock ($M) 18.7
Common Stock Issued 463,134

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 156.4 135.6
Price / Tangible Book (%) 156.4 135.6
Price / Earnings (x) 20.9 16.4
Price / Deposits (%) 18.89 17.41
Price / Assets (%) 16.82 15.36
Tangible Book Premium/ Deposits (%) 8.40 5.30
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. exchanged 0.3784 shares of its common stock for each of the outstanding share of Community 1st Bank.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 2,500
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 1,601
Est. Restructuring Charges ($ 000) 2,500
Maximum Termination Fee ($ 000) 809
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.378400
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) 3,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Piper Jaffray & Co.
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Breyer & Associates PC