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First Interstate BancSystem settles class actions

Billings, Mont.-based First Interstate BancSystem Inc. provided additional disclosures in proxy statements filed in relation to its acquisitions of Coeur d'Alene, Idaho-based Idaho Independent Bank and Post Falls, Idaho-based Community 1st Bank.

The additional disclosures were made to settle putative class actions filed against it in the Court for the Fourth Judicial District of the State of Idaho for Ada County and the Court for the First Judicial District of The State of Idaho for Kootenai County on behalf of public stockholders of Idaho Independent and Community 1st, respectively, for not including in the original documents certain information alleged to be material. The banks denied that the original proxy statements were deficient and noted that the new disclosures were being made solely to avoid costs and nuisances related to the litigation.

First Interstate supplemented, among other things, the disclosure related to the mean analyst net income estimates for First Interstate for the years 2018 through 2020, a long-term net income growth rate for the years thereafter and annual dividends per share for the years 2018 through 2022 in the proxy for its merger with Idaho Independent.

The proxy statement for the merger with Community 1st was supplemented with comparable companies analysis, precedent transaction analysis and revision of certain information, among other things.