Great Western Bancorp (NYSE: GWS) shares are rallying premarket on news that it will merge with First Interstate BancSystem (NASDAQ: FIBK), the parent company of First Interstate Bank.
Great Western Bancorp, the parent company of Great Western Bank, will join forces with FIBK in an all-stock transaction.
The combined holding company and bank will operate under the First Interstate name and brand, with the company’s headquarters remaining in Billings, Montana. The transaction is expected to take place during Q2 2022.
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The companies said the merger will leverage the strength of both organizations, creating a “diversified, community-focused banking franchise” with a network of more than 300 branches across 14 states with assets totalling $32 billion.
The deal will see GWB shareholders receive .8425 shares of FIBK Class A common stock for each GWB share they own. Thus, GWB shareholders will collectively own 43% of the combined company once the deal has concluded. The total transaction value based on closing share prices on September 15 is approximately $2 billion.
“We’re excited to join forces, and confident that both companies’ stakeholders will benefit from this partnership,” said Mark Borrecco, GWB President and CEO.
“We’ll be able to offer customers access to additional branch locations and new products and services, provide new growth and professional development opportunities to our employees, deliver additional returns to our shareholders, and have an even greater impact on our communities,” added Borrecco.
GWB shares have climbed 12.4% to $32.15 following the news.
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