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.
First Interstate BancSystem, s 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.
Source: Company Press Release
