First Interstate Bank Completes Expansion into Eight New States with Great Western Bank Conversion

Rhea-AI Summary

First Interstate BancSystem, Inc. has successfully converted all Great Western Bank branches to operate as First Interstate Bank, expanding its reach to eight new states and bringing total branches to over 300. This strategic move enhances client service by providing additional products and digital tools. First Interstate also committed to community support, donating $21.5 million to its philanthropic foundation post-merger. With assets of $33 billion (as of March 31, 2022), First Interstate aims to reinforce its community banking leadership.

Positive

• Expansion to eight new states, increasing branch total to over 300.
• Enhanced service offerings and digital tools for clients.
• Significant community commitment demonstrated by $21.5 million donation.

Negative

• None.

All Great Western branches now open for business as First Interstate Bank, creating one of the West’s Premier Community Banking Franchises

BILLINGS, Mont.--(BUSINESS WIRE)-- First Interstate BancSystem, Inc. (NASDAQ: FIBK), parent company of First Interstate Bank, announced that effective today, all Great Western Bank locations are now open and operating as First Interstate Bank branches. The successful conversion allows First Interstate to directly serve clients and communities in eight new states (14 states total) and brings First Interstate’s total number of branches to more than 300 convenient locations.

“It’s an exciting day for our clients, our employees, and the communities where we live and work,” said Kevin Riley, President and CEO of First Interstate BancSystem, Inc. “The same Great Western bankers you’ve come to know and trust have opened their doors today as First Interstate. New clients can expect to receive the same high level of service with access to additional products, digital tools, and convenience services not previously available at Great Western.”

Clients can access banking services through their local First Interstate branch, the First Interstate Bank website, or the First Interstate mobile app.

In addition to right-sized product offerings and an exceptional service delivery model, First Interstate is also known for its strong commitment to community and philanthropy. Each year, First Interstate donates 2% of its pre-tax earnings to local communities. These funds are donated to aid in the improvement of workforce development, to boost early childhood education, mitigate poverty, and more.

To punctuate and celebrate its acquisition of Great Western Bank, First Interstate Bank has made a $21.5 million donation to the First Interstate BancSystem Foundation—the philanthropic arm of First Interstate. This gift is in addition to First Interstate’s annual giving.

“First Interstate keeps community at the heart of everything we do, which is why the Bank chose to make a $21.5 million donation to the First Interstate BancSystem Foundation in concert with our merger,” said Marcy Mutch, Chief Financial Officer for First Interstate BancSystem, Inc. “Those funds are dedicated to deploying meaningful and relevant assistance across our footprint, reinforcing our focus and attention to the foundational community values First Interstate has held since the bank’s inception 54 years ago.”

About First Interstate BancSystem, Inc.

First Interstate BancSystem, Inc. is a financial services holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank with $33 billion in assets as of March 31, 2022. First Interstate proudly delivers financial solutions across Arizona, Colorado, Idaho, Iowa, Kansas, Montana, Nebraska, Missouri, Minnesota, North Dakota, Oregon, South Dakota, Washington, and Wyoming. A recognized leader in community banking services, First Interstate is driven by strong values as well as a commitment to delivering a rewarding experience to its employees, strong returns to shareholders, exceptional products and services to its clients, and resources to the communities it serves. More information is available at www.FIBK.com.

Category: Mergers & Acquisitions

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005381/en/

Media Contact:

Brittany Cremer

PR/Communications Manager

406-255-5310

brittany.cremer@fib.com

Investor Contact:

John R. Stewart, CFA

Deputy Chief Financial Officer

406-255-5311

john.stewart@fib.com

Source: First Interstate BancSystem, Inc.

FAQ

What is the significance of First Interstate BancSystem's conversion of Great Western Bank branches?

The conversion allows First Interstate to serve clients in eight new states, enhancing its reach and service offerings.

How many branches does First Interstate Bank have after the Great Western Bank conversion?

After the conversion, First Interstate Bank has over 300 branches.

How much did First Interstate donate to its philanthropic foundation following the acquisition?

First Interstate donated $21.5 million to the First Interstate BancSystem Foundation.

What are the asset figures for First Interstate BancSystem?

As of March 31, 2022, First Interstate BancSystem reported $33 billion in assets.

In how many states does First Interstate Bank operate after the merger?

First Interstate Bank now operates in a total of 14 states after the merger.