First Interstate BancSystem, Inc.
First Interstate Bank
TypePublic
Nasdaq: FIBK (Class A)
Russell 2000 Component
IndustryFinancial services
Founded1968 (1968), in Sheridan, Wyoming, United States
FounderHomer Scott, Sr.
HeadquartersFirst Interstate Center
Billings, Montana, USA
Number of locations
307 (2022)
Key people
ProductsChecking accounts
Savings accounts
Mortgage loans
Commercial loans
Insurance
Treasury management
Investments
Escrow services
Consumer finance
RevenueDecrease US$656 million (2021)
Increase US$259 million (2021)
Increase US$192 million (2021)
Total assetsIncrease US$32.06 billion (2022)
Total equityIncrease US$1.99 billion (2021)
Number of employees
2,358 (2021)
Websitefirstinterstatebank.com

First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with locations throughout 14 states within the Western and Midwestern United States.[1] It is the largest bank based in Montana, as measured by total assets.[2]

History

First Interstate Center in Billings, Montana

First Interstate Bank was established in 1968 when its founder, Homer Scott, Sr. purchased the Bank of Commerce in Sheridan, Wyoming. Scott incorporated the company in Montana in 1971 and over the next ten years acquired two more banks and established six de novo banks in Montana and Wyoming.[1]

In 1984, the company entered into a franchise agreement with First Interstate Bancorp, a multistate bank holding company headquartered in Los Angeles, California, to use the First Interstate Bank name and logo.[1]

In 1996, Wells Fargo acquired First Interstate Bancorp, but not First Interstate Bank. Instead, the Montana organization successfully negotiated to retain the well-known First Interstate name and logo.[3] In 2017, the company retained the rights to use the First Interstate name and logo in all 50 states.[1]

By the end of 1999, First Interstate had grown to 42 branches through a combination of de novo start-ups and acquisitions.[1]

In 2008, the Bank expanded into South Dakota by acquiring 18 banking offices pursuant to the purchase of First Western Bank.[1]

The Bank extended into Idaho, Oregon, and Washington with the acquisitions of Cascade Bancorp in 2017 and Northwest Bancorporation, Inc., in 2018—the parent companies of Bank of the Cascades and Inland Northwest Bank, respectively. In 2019, Idaho Independent and Community 1st Banks joined the Company, officially becoming First Interstate Bank in June of that year.[1]

In September 2021, First Interstate announced a merger with Sioux Falls, South Dakota-based Great Western Bank.[4] The merger was completed on February 1, 2022, making Great Western an operating division of First Interstate Bank and extended the bank's presence into Arizona, Colorado, and within the Midwest, with new locations in Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota.[5] Great Western locations then became First Interstate Bank branches on May 23, 2022.[6]

Properties

First Interstate Bank is a fifty-percent owner and primary tenant of the First Interstate Center, a 20-story building in Billings, Montana. Completed in 1985, the 272 foot structure is the tallest building in the state of Montana.[7]

References

  1. 1 2 3 4 5 6 7 "About First Interstate Bank". www.firstinterstatebank.com. Retrieved January 12, 2023.
  2. ↑ "FRB: Large Commercial Banks-- September 30, 2022". www.federalreserve.gov. Retrieved January 12, 2023.
  3. ↑ Black, Jo Dee. "First Interstate Bank: A story of growth". Great Falls Tribune. Retrieved January 12, 2023.
  4. ↑ Abrego, Trent (September 16, 2021). "Great Western Bank to join First Interstate brand in all-stock transaction". Aberdeen News. Retrieved March 9, 2022.
  5. ↑ "First Interstate BancSystem acquires Great Western Bancorp for $2 billion". Banking Exchange. February 2, 2022. Retrieved March 9, 2022.
  6. ↑ "Former Great Western Bank branches open today as First Interstate Bank". Des Moines Business Record. May 23, 2022. Retrieved June 8, 2022.
  7. ↑ "First Interstate Center, Billings". Emporis GmbH. Archived from the original on January 1, 2007. Retrieved August 10, 2007.
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