M&A Deal Summary

First Interstate Bank Acquires Great Western Bank

On September 16, 2021, First Interstate Bank acquired financial services company Great Western Bank for 2.0B USD

Acquisition Highlights
  • This is First Interstate Bank’s 13th transaction in the Financial Services sector.
  • This is First Interstate Bank’s largest (disclosed) transaction.
  • This is First Interstate Bank’s 13th transaction in the United States.
  • This is First Interstate Bank’s 1st transaction in South Dakota.

M&A Deal Summary
Date 2021-09-16
Target Great Western Bank
Sector Financial Services
Buyer(s) First Interstate Bank
Deal Type Merger
Deal Value 2.0B USD
Advisor(s) Piper Sandler & Co. (Financial)
Wachtell, Lipton, Rosen & Katz (Legal)

Target

Great Western Bank

Sioux Falls, South Dakota, United States
Great Western Bank is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business and agribusiness banking. Great Western Bank offers small and mid-sized businesses a focused suite of financial products and a range of deposit and loan products to retail customers through several channels, including the branch network, online banking system, mobile banking applications, and customer care centers. Great Western Bank was founded in 1935 and is based in Sioux Falls, South Dakota.

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Buyer(S) 1

Buyer

First Interstate Bank

Billings, Montana, United States
Category Company
Founded 1971
Sector Financial Services
Employees3,783
Revenue 1.0B USD (2023)
DESCRIPTION

First Interstate Bank is a financial holding company offering a full range of internet, mobile, and other banking and financial services throughout Montana, Wyoming, and South Dakota. First Interstate Bank was founded in 1971 and is based in Billings, Montana.

DEAL STATS #
Overall 13 of 13
Sector (Financial Services) 13 of 13
Type (Merger) 1 of 1
State (South Dakota) 1 of 1
Country (United States) 13 of 13
Year (2021) 1 of 1
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 Idaho Independent Bank

Coeur d'Alene, Idaho, United States

Idaho Independent Bank is a full-service community bank, with approximately $725 million in assets, $362 million in loans, $610 million in deposits, and $69 million in shareholders’ equity at June 30, 2018. IIB operates 11 branches throughout Idaho, with a large presence in both the greater Boise-Nampa area and the Coeur d’Alene markets.

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Legal