First Interstate to acquire two North Idaho banks
Transactions valued at total of nearly $203 millionOctober 11th, 2018
First Interstate BancSystem Inc., the Billings, Mont.-based parent of First Interstate Bank, has agreed to acquire two Kootenai County banks—Coeur d’Alene-based Idaho Independent Bank and Post Falls-based Community 1st Bank.
The IIB and Community 1st acquisitions are valued at $181.3 million and $21.5 million, respectively. Both are expected to be completed in the first half of 2019, and neither transaction is contingent on the other, First Interstate said in a press release.
IIB has 11 branches—two in the Coeur d’Alene area and nine in southern Idaho. As of June 30, the bank had about $725 million in assets and $362 million in loans.
Community 1st operates three branches in North Idaho and had $130 million in assets and $78 million in loans as of June 30.
Once the acquisitions are completed, First Interstate will have about $14.1 billion in total assets, $11.4 billion in total deposits, and $8.9 billion in total loans.
First Interstate currently has branches in six states—Washington, Idaho, Oregon, Montana, Wyoming, and South Dakota.
The announcement of the IIB and Community 1st transactions comes about six weeks after First Interstate completed its $160.9 million acquisition of Spokane-based Northwest Bancorporation Inc., parent of Inland Northwest Bank.
That merger and data processing conversion is scheduled to begin after the close of business on Nov. 9. On Nov. 13, INB operations, which include 20 branches in Washington, Idaho, and Oregon, will open as First Interstate Bank offices