Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Cascade Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
11/17/2016
Announcement Date:
11/17/2016
Announced Deal Value ($ M):
589.34
Status:
Completed
Completion Date:
5/30/2017
Announced Deal Value Per Share ($ )
7.60

Consideration Breakout
Cash ($M) 145.7
Common Stock ($M) 404.7
Common Stock Issued 11,252,750

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 158.0 145.4
Price / Tangible Book (%) 215.1 196.0
Price / Earnings (x) 31.7 24.1
Price / Deposits (%) 21.47 20.57
Price / Assets (%) 18.56 17.81
Tangible Book Premium/ Deposits (%) 12.11 NA
Deal Terms
Description of Consideration

First Interstate BancSystem Inc. paid $1.91 in cash and exchanged 0.14864 shares of its common stock for each outstanding shares of Cascade Bancorp.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 232,800
Estimated Cost Savings (%) 28.00
Estimated Cost Savings ($ 000) 24,700
Est. Restructuring Charges ($ 000) 40,000
Maximum Termination Fee ($ 000) 22,098
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.148600
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) 48,000
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Barclays Capital Inc.
Seller Yes Piper Jaffray & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Luse Gorman PC
Seller Yes Hunton Andrews Kurth LLP