We are advising First Interstate BancSystem on the transaction

Davis Polk is advising First Interstate BancSystem Inc. on its $2 billion all-stock merger with Great Western Bancorp, Inc. Under the terms of the agreement, Great Western Bancorp shareholders will receive .8425 shares of First Interstate BancSystem Class A common stock for each share they own. Pending regulatory and shareholder approvals, the transaction is expected to close during the first calendar quarter of 2022.

First Interstate BancSystem is a financial services holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with $18.9 billion in assets as of June 30, 2021. First Interstate proudly delivers financial solutions across Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. Great Western Bancorp is the holding company for Great Western Bank, a full-service regional bank focused on relationship-based business banking. The bank services its customers through more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.

The Davis Polk financial institutions M&A team includes partners Margaret E. Tahyar, George R. Bason Jr. and Evan Rosen and associates Lisa Ogust, Ryan Johansen, Shaoting Qin, Suiwen Liang and Billy Padula. Partner Shane Tintle is providing capital markets advice. Partner Adam Kaminsky is providing executive compensation advice. Partner David H. Schnabel is providing tax advice. Partner Andrew Ditchfield is providing litigation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.