Immediately following the acquisition, Flathead Bank was merged into First Interstate Bank, with First Interstate Bank as the resulting institution.
First Interstate President and CEO, Kevin Riley said: “We are pleased to welcome Flathead customers and employees to the First Interstate family.
“As two strong community banks, we are confident that this merger will benefit our customers and the community.”
In accordance with the definitive agreement, cash consideration for the acquisition was $34 million. First Interstate expects the transaction to be immediately accretive to earnings per share. As of the acquisition date, Flathead Bank had total assets of approximately $225 million, loans of approximately $86 million and deposits of approximately $178 million.
First Interstate Bank was advised in the transaction by Sandler O’Neill & Partners as financial advisor, and Luse Gorman as legal counsel. Flathead Bank was advised in the transaction by D.A. Davidson & Co. as financial advisor, and Lindquist & Vennum as legal counsel.
