![]() “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.”īorrecco last year became the successor to retiring CEO Ken Karels. “We’re excited to join forces, and confident that both companies’ stakeholders will benefit from this partnership,” said Mark Borrecco, GWB president and CEO. The conversion of Great Western branches to First Interstate Bank is expected to take place during the second calendar quarter of 2022. Pending regulatory and shareholder approvals, the transaction is expected to close during the first calendar quarter of 2022. We are eager to expand our community banking model into eight new states and look forward to building relationships with the employees and clients who call these beautiful regions home.” “The strategic and cultural alignment between our organizations is what makes this transaction so exciting, as we both pride ourselves on being community banks with a strong focus on relationship building, customer service, and community outreach. “This is a transformative moment for our 53-year-old company,” said First Interstate president and CEO Kevin Riley. The combined bank will be one of the region’s largest financial institutions, with over $32 billion in assets and more than 300 branches across 14 states. The agreement was unanimously approved by both boards of directors. In a statement, First Interstate said it will “maintain a strong presence in GWB’s headquarters of Sioux Falls.” Great Western is headquartered in Sioux Falls and employs 1,700 people nationwide. The combined company will be based in Billings and operate under the First Interstate name and brand. Customers will receive mailings regarding information on the merger as well as information regarding their accounts.Sioux Falls-based Great Western is merging with Montana-based First Interstate Bank. “The strategic and cultural alignment between our organizations is what makes this transaction so exciting, as we both pride ourselves on being community banks with a strong focus on relationship building, customer service and community outreach," Riley said in the release.Ĭustomers can expect no immediate changes to their day-to-day banking, and business will go on as usual. In 2008, First Interstate merged with First Western Bank and expanded into markets adjacent to South Dakota.įirst Interstate BancSystems expects the transaction will result in 20% growth in earnings per share in 2023, assuming fully phased-in cost savings, according to the release. First Interstate was founded in 1968 when Homer Scott established First Interstate Bank with his purchase of the Bank of Commerce in Sheridan, Wyo. Most recently, the bank system acquired 11 branches from Idaho Independent Bank and three from Community First Bank, both in 2019. It's the sixth merger and acquisition for First Interstate since 2016, and ninth in the company's history. With the change, the banks will have low overlap, allowing for minimal impact to employees, officials said Thursday. ![]() The transaction is expected to close during the first calendar quarter of 2022, and the conversion of Great Western banks to First Interstate will take place during the second calendar quarter of 2022, according to the release. ![]() With the transaction, there will be more than 300 First Interstate Bank locations in 14 states that will have more than $32 billion in assets. Boise, Idaho and Spokane, Wash. Riley said the company has "had a great deal of success over the past few years" in those markets. It has 174 branches in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota, including in Watertown and Aberdeen and other communities in the state.įirst Interstate already has markets in Denver Fort Collins, Colo. Headquartered in Sioux Falls, Great Western is a full-service, $13 billion regional bank. It has locations in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. The current president and CEO of Great Western Bank, Mike Borrecco will serve as the chief banking officer for First Interstate.įirst Interstate BancSystems, headquartered in Billings, Mont., is the parent company of First Interstate Bank, a company with $18.9 billion in assets, according to the release. Upon closing the deal, five directors from Great Western Bank will join the First Interstate BancSystems board of directors. Great Western Bank will merge into First Interstate BancSystems Inc., according to a news release. First Interstate BancSystems Inc. has entered an agreement with Great Western Bank that will combine the two companies in an all-stock transaction.
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