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March 29, 2019

Community 1st, Idaho Independent get shareholder nod for merger with First Interstate

Community 1st Bank and Idaho Independent Bank, both based in Idaho, have secured shareholder nod for their merger with and into First Interstate Bank, part of First Interstate BancSystem.

The acquisition, expected to complete on 8 April 2019, already received the green light from regulators.

Under the agreed terms, Idaho Independent shareholders will receive 0.50 shares of First Interstate Class A common stock for each share held.

Shareholders of Community will swap one share with 0.3784 shares of First Interstate Class A common stock.

The deal was first announced in October 2018.

Idaho Independent had around $725m in assets and Community had $130m in assets at the end of June 2018.

At the time of deal announcement, First Interstate CEO and president Kevin Riley said: “Idaho Independent Bank and Community 1st bring solid and experienced bankers and each have a commitment to clients very similar to First Interstate.

“The combination will further leverage our significant investment in people, processes, and technology while positioning First Interstate as a leading institution in Idaho’s fastest growing markets.

“Both are a great fit for us geographically, strategically, financially, and culturally.”

The combined group is said to have around $14.1bn in total assets, $8.9bn in loans, $11.4bn in deposits, and $1.8bn in shareholders’ equity.

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