Mergers & Acquisitions

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Deal Overview

Buyer:
First Interstate BancSystem, Inc.
Actual Acquirer:
First Interstate BancSystem, Inc.
Target:
Citizens Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/22/1994
Announcement Date:
7/22/1994
Announced Deal Value ($ M):
7.60
Status:
Completed
Completion Date:
1/3/1995
Announced Deal Value Per Share ($ )
660.00

Consideration Breakout
Cash ($M) 7.0
Debt ($M) 0.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 288.4 271.4
Price / Tangible Book (%) 288.4 271.4
Price / Earnings (x) 11.3 10.5
Price / Deposits (%) 22.05 21.28
Price / Assets (%) 19.82 19.05
Tangible Book Premium/ Deposits (%) 15.22 14.35
Deal Terms
Description of Consideration

First Interstate paid an aggregate sum of $7.26 million, plus 9% annual interest accrued from January 1, 1994 to December 31, 1994. Seller's financials are for First Citizens Bank of Bozeman.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 4,482
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
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 No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Holland & Hart LLP
Seller Yes Briggs & Morgan PA