First Interstate Bancsystem, Inc. · NASDAQ:FIBK
First Interstate Bancsystem — Merger or Acquisition (February 2014)
9 slides from First Interstate Bancsystem's merger presentation, Feb 11, 2014
Slide 1: Merger with Mountain West Financial Corp.
merger with Mountain West Financial Corp. February 11, 2014
Slide 2: Safe Harbor
Safe Harbor This presentation 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
Slide 3: Transaction Highlights
Transaction Highlights Page 3 Compelling Strategic Fit Low Execution Risk Enhances Shareholder Value Creates the #1 deposit market share franchise in the state of Montana Meaningfully expands Helena presence while creating consolidation opportunities in other market areas Adds scale within existing
Slide 4: Pro Forma Branch Map
Pro Forma Branch Map Page 4 FIBK (76) MTWF (13) Deposit data as of June 30, 2013 Source: SNL Financial; FDIC Helena Great Falls Missoula Bozeman Kalispell Whitefish
Slide 5: Top Market Share in Montana
Top Market Share in Montana Page 5 Note: Deposit data as of June 30, 2013 Source: SNL Financial; FDIC Pro forma FIBK market share in the Helena area increases from #6 ($70 million in deposits) to #1 ($317 million in deposits) Pro forma FIBK market share in the Great Falls area increases from #3 ($25
Slide 6: Overview of Mountain West Financial Corp. (OTCBB: MTWF)
Overview of Mountain West Financial Corp. (OTCBB: MTWF) Page 6 For the year ended December 31, 2012 Note: Financial data as of or for the nine months ended September 30, 2013 unless otherwise indicated; dollar values in thousands Improved Asset Quality Overview Mountain West Bank, NA founded in 1991
Slide 7: Summary of Deal Terms
Summary of Deal Terms Page 7 Consideration 0.2552 FIBK shares of Class A Common Stock and $7.125 in cash in exchange for each MTWF share Outstanding and unexercised MTWF options will be cashed out at closing Valuation Based on FIBK closing stock price on February 10, 2014 of $24.77, per share value
Slide 8: Summary Financial Assumptions and Impact
Summary Financial Assumptions and Impact Page 8 Cost Savings Approximately 35% of MTWF noninterest expense base One-time Deal Costs Approximately $7.2 million pretax Fair Market Value and Accounting Adjustments Loan portfolio mark-to-market ~4.4% of gross loans Core Deposit Intangible 1.50% amortize
Slide 9: Executive Summary
Executive Summary Page 9 Compelling geographic fit produces #1 deposit market share franchise in Montana Strengthens position in Helena Creates expansion and cost savings opportunities in other attractive markets Thorough diligence effort along with market familiarity reduces execution risk Conserva
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