Billings, Mont.-based First Interstate BancSystem Inc. will acquire Idaho Independent Bank and Post Falls, Idaho-based Community 1st Bank in two separate transactions.
Coeur d'Alene-based Idaho Independent shareholders will receive 0.5 First Interstate class A common share for each Idaho Independent share held. The deal is valued at $181.3 million, including $5.4 million in cash consideration for option holders.
Community 1st shareholders will receive 0.3784 First Interstate class A common share for each Community 1st share held. This deal is valued at $21.5 million, including $600,000 in cash consideration for option holders.
Details to follow.