M&A Deal Summary

First Interstate Bank Acquires Idaho Independent Bank

On October 11, 2018, First Interstate Bank acquired financial services company Idaho Independent Bank

Acquisition Highlights
  • This is First Interstate Bank’s 12th transaction in the Financial Services sector.
  • This is First Interstate Bank’s 12th transaction in the United States.
  • This is First Interstate Bank’s 2nd transaction in Idaho.

M&A Deal Summary
Date 2018-10-11
Target Idaho Independent Bank
Sector Financial Services
Buyer(s) First Interstate Bank
Deal Type Add-on Acquisition
Advisor(s) Sandler O'Neill + Partners LP (Financial)
Witherspoon Kelley (Legal)

Target

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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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 12 of 13
Sector (Financial Services) 12 of 13
Type (Add-on Acquisition) 12 of 12
State (Idaho) 2 of 2
Country (United States) 12 of 13
Year (2018) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-11 Community 1st Bank

Post Falls, Idaho, United States

Community 1st Bank was the first chartered community bank in Post Falls, Idaho in over 104 years. CMYF was built on the service philosophy of “Do the Right Thing” and serves customers throughout North Idaho with three full-service branch locations in Post Falls and Coeur d’Alene. As of June 30, 2018, CMYF had $130 million in total assets, $78 million in loans, $116 million in deposits, and $13 million in shareholders’ equity.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-16 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.

Buy $2.0B
Mergr

Product

Company

Legal