First Interstate BancSystem, Inc. Completes Acquisition of Community 1st Bank
Business Wire 8-Apr-2019 9:05 AM
First Interstate BancSystem, Inc. (NASDAQ:FIBK)("First Interstate"),
parent company of First Interstate Bank, announced that, effective
today, it completed its acquisition of Community 1st Bank ("CMYF").
Immediately following the acquisition, CMYF was merged into First
Interstate Bank, with First Interstate Bank as the resulting institution.
"Community 1st Bank has a long-standing history of service
excellence and giving back to the community—a tradition we also champion
at First Interstate Bank," said Kevin Riley, First Interstate President
and Chief Executive Officer. "In welcoming Community 1st to
the fold, we are not only expanding upon our presence in some of Idaho's
most robust markets, we are building upon a legacy and service
philosophy of ‘doing the right thing.' Culturally, this should allow for
a seamless integration of our institutions."
Following the merger, CMYF clients will continue to enjoy a
highly-personalized banking experience. First Interstate offers an
expanded line of financial services and innovative solutions, such as
Wealth Management, Mortgage, Treasury Solutions, and a unique credit
card with a rewards program featuring travel benefits and perks from
local merchants.
In accordance with the definitive agreement, approximately 500,000
shares of First Interstate Class A common stock were issued. Piper
Jaffray & Co. served as financial advisor, and Luse Gorman, PC, served
as legal counsel to First Interstate. D.A. Davidson & Co. served as
financial advisor, and Breyer & Associates PC served as legal counsel to
CMYF.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and bank holding
company incorporated in 1971 and headquartered in Billings, Montana.
First Interstate operates banking offices, including detached drive-up
facilities, in communities across Idaho, Montana, Oregon, South Dakota,
Washington, and Wyoming. First Interstate delivers a comprehensive range
of banking products and services to individuals, businesses,
municipalities, and other entities throughout First Interstate's market
areas.
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Rule 175 promulgated thereunder, and Section 21E of the Securities
Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder,
that involve inherent risks and uncertainties. These forward-looking
statements include, but are not limited to, statements about (i) the
benefits of the merger between First Interstate and CMYF, including
anticipated future results, cost savings and accretion to reported
earnings that may be realized from the merger; (ii) First Interstate and
CMYF's plans, objectives, expectations and intentions and other
statements contained in this presentation that are not historical facts;
and (iii) other statements identified by words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," "estimates" or
words of similar meaning. Annualized, pro forma, projected and estimated
numbers are used for illustrative purpose only, are not forecasts and
may not reflect actual results.
Forward-looking statements involve risks and uncertainties that may
cause actual results to differ materially from those in such statements.
The following factors, among others, could cause actual results to
differ materially from the anticipated results expressed in the
forward-looking statements: the cost savings from the merger may not be
fully realized or may take longer than expected to be realized;
operating costs, customer loss and business disruption following the
merger may be greater than expected; the interest rate environment may
further compress margins and adversely affect net interest income; the
risks associated with continued diversification of assets and adverse
changes to credit quality; and difficulties associated with achieving
expected future financial results. Additional factors that could cause
actual results to differ materially from those expressed in the
forward-looking statements are discussed in First Interstate's reports
(such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K) filed with the Securities and Exchange
Commission (the "SEC") and available at the SEC's Internet website (www.sec.gov).
All subsequent written and oral forward-looking statements concerning
the proposed transaction or other matters attributable to First
Interstate or any person acting on their behalf are expressly qualified
in their entirety by the cautionary statements above. Except as required
by law, First Interstate does not undertake any obligation to update any
forward-looking statement to reflect circumstances or events that occur
after the date the forward-looking statement is made.
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