Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
First Interstate Bank of Wyoming, NA
Deal Type:
Bank & Thrift Company
Agreement Date:
5/28/1996
Announcement Date:
5/28/1996
Announced Deal Value ($ M):
72.00
Status:
Completed
Completion Date:
10/1/1996
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Cash ($M) 72.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 173.4 193.3
Price / Tangible Book (%) 173.4 193.3
Price / Earnings (x) 7.6 7.3
Price / Deposits (%) 15.73 16.93
Price / Assets (%) 12.12 13.59
Tangible Book Premium/ Deposits (%) 6.92 8.52
Deal Terms
Description of Consideration

First Interstate Bancsystem of Montana Inc. acquired Wells Fargo & Co. units First Interstate Bank of Montana and First Interstate Bank of Wyoming for a total deal price of approximately $72 million in cash.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 22,725
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 8,092
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes ProBank Austin
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Holland & Hart LLP
Seller No NA