Under the purchase and assumption agreement, First Interstate agreed to transfer the branch facilities and associated real estate and fixed assets, approximately $740 million of deposits, and commercially-oriented loans with outstanding balances of roughly $200 million. No purchase price, deposit premium, or other valuation multiple was disclosed in either company's announcement 8-K.
Enterprise Bank & Trust CEO James B. Lally said the acquisition would expand the company's presence into "markets with both attractive growth opportunities," and emphasized that Enterprise values "personal connections and trust" in the communities it serves. First Interstate CEO James A. Reuter said the sale would allow First Interstate to "shift capital investment" toward markets where it holds higher market share, consistent with a broader footprint-reorientation strategy the company pursued during 2025 that also included divestitures in Nebraska, outsourcing its consumer credit card product, and discontinuing indirect lending.
On a pro forma basis, management said the acquisition would expand Enterprise's Arizona franchise to twelve full-service branches with approximately $1.3 billion of deposits, and its greater Kansas City-area franchise to nine full-service branches with approximately $1.1 billion of deposits.
The transaction closed on October 10, 2025, becoming effective at 11:59 p.m. Central time, following all required regulatory approvals. Enterprise disclosed in its closing Form 8-K (filed October 14, 2025) that the final transaction terms at closing involved approximately $645 million of deposits assumed and approximately $300 million of performing loans purchased -- both different from the amounts disclosed at signing ($740 million of deposits and $200 million of loans), reflecting changes in the underlying balances between signing and closing. Enterprise said the completed acquisition brought its pro forma total assets to approximately $17 billion.
First Interstate subsequently disclosed in its fourth-quarter 2025 earnings release (Form 8-K filed January 28, 2026) that it recognized a $62.7 million gain on the sale of the Arizona and Kansas branches, recorded in other/noninterest income for the quarter ended December 31, 2025. No purchase price or premium-to-deposits figure that would allow derivation of the sale price has been disclosed in any filing reviewed.
No merger proxy, S-4, or tender offer documents were filed in connection with this transaction, consistent with its structure as a branch purchase and assumption agreement rather than a corporate merger; neither company's shareholders were required to vote on the transaction. On the financial advisory side, Keefe, Bruyette and Woods Inc. served as lead financial advisor to First Interstate, and Janney Montgomery Scott LLC served as lead financial advisor to Enterprise. Luse Gorman, PC acted as legal advisor to First Interstate, and Holland and Knight LLP acted as legal advisor to Enterprise.