Effective August 16, 2018, First Interstate BancSystem, Inc.
(NASDAQ: FIBK) (“First Interstate”), parent company of First
Interstate Bank, has completed its acquisition of Northwest
Bancorporation, Inc. (“Northwest”) (OTC Pink: NBCT), parent company
of Inland Northwest Bank (“INB”).
“INB’s service excellence and company culture blends seamlessly
with ours,” said First Interstate President and CEO, Kevin Riley.
“It is our privilege to welcome INB employees, clients, and
shareholders to the First Interstate family.”
Although First Interstate’s acquisition of Northwest has been
completed, Riley said there are no immediate changes for INB
clients. “For now, it is ‘business as usual’ for INB. Clients will
continue to work with the same bankers they’ve come to know and
trust, and INB’s local leadership remains in place.”
For former INB executives and stakeholders, the partnership with
First Interstate made sense on several fronts-anchored in a mutual
appreciation for providing the best experience for their customers.
“First Interstate was the ideal partner for us because we share
values about community banking and how we serve our employees,
customers, and communities,” said Russ Lee, former President and
CEO of Northwest and newly-appointed Executive Vice President for
First Interstate. “We are excited to join the First Interstate team
and look forward to the many opportunities and benefits this merger
will bring to our employees, our clients, and the combined
company’s shareholders.”
The data processing conversion and merger of the two banks is
scheduled to begin following the close of business on November 9,
2018. On November 13, INB will officially become First Interstate
Bank; both INB and First Interstate Bank will be closed on November
12 in observance of Veterans Day. Until then, INB and First
Interstate Bank will operate as two separate banking subsidiaries
of First Interstate BancSystem, Inc. It is expected that INB
clients will begin receiving information about the
conversion/merger of the two banks in early October.
Following the merger, INB 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, 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 3.9
million shares of First Interstate Class A common stock were
issued. First Interstate expects the transaction to be immediately
accretive to earnings per share.
Sandler O’Neill & Partners, L.P. served as financial
advisor, and Luse Gorman, PC served as legal counsel to First
Interstate. D.A. Davidson & Co. served as financial advisor and
Witherspoon Kelley served as legal counsel to Northwest.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial services
holding company, headquartered in Billings, Montana, with $12.2
billion in assets as of June 30, 2018. It is the parent company of
First Interstate Bank, a community bank operating over 120 banking
offices, including online and mobile banking services, throughout
Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. As a
recognized leader in community banking services, First Interstate
is driven by strong values, as well as a commitment to delivering a
rewarding experience to its employees, strong returns to
shareholders, exceptional products and services to its clients, and
resources to the communities it serves. To learn more about First
Interstate, visit firstinterstate.com.
About Inland Northwest Bank
Inland Northwest Bank is a Washington state-chartered community
bank that currently operates 20 offices across Washington, Idaho,
and Oregon. INB specializes in meeting the financial needs of
individuals and small to medium-sized businesses, including
professional corporations and agriculture-related operations, by
providing a full line of commercial, retail, agricultural, mortgage
and private banking products and services. More information about
INB can be found on its website at www.inb.com.
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, (i) statements about First Interstate’s plans,
objectives, expectations and intentions and other statements
contained in this presentation that are not historical facts; and
(ii) other statements identified by words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates”
or words of similar meaning.
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 expected results: delays in
completing the merger, difficulties in achieving cost savings from
the merger or in achieving such cost savings within the expected
time frame, difficulties in integrating First Interstate and
Northwest, increased competitive pressures, changes in the interest
rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the
business in which First Interstate is engaged, changes in the
securities markets and other risks and uncertainties disclosed from
time to time in documents that First Interstate files with the
Securities and Exchange Commission. 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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version on businesswire.com: https://www.businesswire.com/news/home/20180817005231/en/
First Interstate BancSystem, Inc.Marcy Mutch, 406-255-5312Chief
Financial Officermarcy.mutch@fib.comorMEDIA:Sara Becker,
406-255-5314Marketing Managersara.becker@fib.com
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