Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Absarokee Bancorporation, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/26/2015
Announcement Date:
3/26/2015
Announced Deal Value ($ M):
7.23
Status:
Completed
Completion Date:
7/24/2015
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 7.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 111.5 94.4
Price / Tangible Book (%) 114.4 96.7
Price / Earnings (x) 18.8 5.6
Price / Deposits (%) 11.25 11.15
Price / Assets (%) 9.66 9.64
Tangible Book Premium/ Deposits (%) 1.62 (0.43)
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. paid approximately $7.2 million in cash for all of the outstanding shares of Absarokee Bancorp. Inc. Target's financials are for United Bank. First Interstate BancSystem Inc. will expand in Yellowstone County, Mont., by one branch to be ranked second with a 24.02% share of approximately $4.43 billion in total market deposits and will enter Stillwater County, Mont., with two branches to be ranked second with a 38.36% share of approximately $141.84 million in total market deposits.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 106
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 566
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) 695
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Crowley Fleck PLLP
Seller Yes Lindquist & Vennum LLP