On November 17, 2016, First Interstate BancSystem, Inc. (“First Interstate”), Billings, Montana, and Cascade Bancorp (“Cascade”), Bend, Oregon, entered into a definitive merger agreement pursuant to which Cascade will merge with and into First Interstate, with First Interstate as the resulting company for total merger consideration of approximately $589.0 million. Cascade shareholders will receive 0.14864 shares of First Interstate common stock and $1.91 in cash for each share of Cascade common stock. As part of the merger, Bank of the Cascades, the subsidiary of Cascade, will merge with and into First Interstate Bank, the subsidiary of First Interstate.
Luse Gorman served as legal counsel to First Interstate in the transaction. The Luse Gorman team was led by Scott A. Brown (Corporate/M&A), Marc P. Levy (Corporate/M&A) and Lawrence M.F. Spaccasi (Corporate/M&A), and included Max Seltzer (Executive Compensation), Jeffrey M. Cardone (Executive Compensation) and Zachary Davis (Corporate/M&A).
First Interstate has approximately $9.0 billion in total assets and operates 81 banking offices throughout Montana, Wyoming and South Dakota.
Cascade has approximately $3.2 billion in total assets and operates 50 banking offices across Oregon, Idaho and Washington.