First Interstate BancSystem, the owner of First Interstate Bank, wrapped up its previously announced $160.9m acquisition of Northwest Bancorporation, the parent company of Inland Northwest Bank (INB), a community bank based in Spokane, Washington.
An agreement in this regard was signed in late April under which First Interstate agreed to acquire Northwest in an all-stock transaction valued at $21.03 per share.
The acquisition of INB is expected to complement the footprint of First Interstate Bank, a Montana-based community bank which in the recent times, expanded from the Mountain West to the Pacific Northwest following the acquisition of Cascade Bancorp in last May.
The acquisition also gives First Interstate Bank a presence in various high-growth markets such as Spokane in Washington, Portland in Oregon and Coeur d’Alene in Idaho.
Inland Northwest Bank caters to the financial requirements of individuals and small to medium-sized businesses by offering them a comprehensive range of commercial, retail, agricultural, mortgage and private banking products and services.
First Interstate president and CEO Kevin Riley said: “INB’s service excellence and company culture blends seamlessly with ours.
“It is our privilege to welcome INB employees, clients, and shareholders to the First Interstate family.”
The financial services company said that for ex-INB executives and stakeholders, the transaction with it made sense on various fronts-anchored in a mutual appreciation for offering the best experience for their customers.
Northwest former president and CEO Russ Lee said: “First Interstate was the ideal partner for us because we share values about community banking and how we serve our employees, customers, and communities.
“We are excited to join the First Interstate team and look forward to the many opportunities and benefits this merger will bring to our employees, our clients, and the combined company’s shareholders.”
Inland Northwest Bank is expected to officially become First Interstate Bank by mid-November until then it will operate as its separate banking subsidiary.
First Interstate Bank currently operates more than 120 banking offices, including online and mobile banking services with operations across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming states.