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Bank of the Cascades Acquired by First Interstate Bank


Bank of the Cascades, W. Idaho Street, Boise. - GOOGLE STREET VIEW
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  • Bank of the Cascades, W. Idaho Street, Boise.
Bank of the Cascades, with twelve branches in the Treasure Valley, has been bought out by Montana-based First Interstate Bank. The acquisition, which included cash and stock, was valued at approximately $589 million and extends First Interstate's reach across Montana, South Dakota, Wyoming, Idaho, Oregon and Washington. Bank of the Cascades, headquartered in Bend, Ore., has 50 offices in Idaho, Oregon and Washington, and reported total assets of $3.2 billion, deposits of $2.7 billion and loans of $2.1 billion.

If the acquisition is approved by the feds, Bank of the Cascade shareholders will receive 0.14864 shares of First Interstate common stock and $1.91 in cash for each share of Cascade common stock they hold. Cascade shareholders are expected to own approximately 20 percent of outstanding capital stock of First Interstate once the transaction is complete.

The boards of directors at each company have unanimously approved the transaction. The acquisition is expected to be final, pending regulatory approval, by mid-2017, according to a company statement.