Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate Bank
Target:
Flathead Bank of Bigfork, Montana
Deal Type:
Bank & Thrift Company
Agreement Date:
4/6/2016
Announcement Date:
4/6/2016
Announced Deal Value ($ M):
34.24
Status:
Completed
Completion Date:
8/12/2016
Announced Deal Value Per Share ($ )
1,104.43

Consideration Breakout
Cash ($M) 34.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 125.5 123.9
Price / Tangible Book (%) 130.7 128.9
Price / Earnings (x) 14.4 13.8
Price / Deposits (%) 19.14 19.61
Price / Assets (%) 15.17 15.43
Tangible Book Premium/ Deposits (%) 4.76 4.65
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. paid approximately $34.24 million in cash for all of the outstanding share of Flathead Bank of Bigfork Montana from Flathead Holding Company of Bigfork.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 8,339
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 1,197
Maximum Termination Fee ($ 000) 350
Minimum Termination Fee ($ 000) 0
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) 2,486
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Lindquist & Vennum LLP