Montana’s First Interstate BancSystem, Inc., has completed its acquisition of Spokane, Wash.-based Inland Northwest Bank and its parent company Northwest Bancorporation, Inc.
“INB’s service excellence and company culture blends seamlessly with ours,” said Kevin Riley, president and CEO of Billings-based First Interstate. “It is our privilege to welcome INB employees, clients, and shareholders to the First Interstate family.”
After completing the acquisition, First Interstate has approximately $13.1 billion in total assets, $8.3 billion in total loans, $10.7 billion in total deposits, $1.5 billion in shareholders’ equity and 146 banking offices.
The deal, announced in April, follows First Interstate’s May 2017 acquisition of Cascade Bancorp and provides First Interstate with a presence in several high-growth markets, including Spokane, Wash., Portland, Ore., and Coeur d’Alene, Idaho.
The data processing conversion and merger of INB into First Interstate Bank 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.
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.