First Interstate BancSystem

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First Interstate BancSystem, Inc.
TypePublic
NasdaqFIBK (Class A)
Russell 2000 Component
IndustryFinancial Services
FoundedSheridan, Wyoming, United States (1968)
HeadquartersFirst Interstate Center
Billings, Montana, USA
Number of locations
150
Key people
ProductsChecking accounts
Savings accounts
Mortgage loans
Commercial loans
Insurance
Treasury management
Investments
Escrow services
Consumer finance
Number of employees
2,460 (2021)
Websitefirstinterstatebank.com
For the Los Angeles-based bank that operated until 1996, see First Interstate Bancorp.
First Interstate Center in Billings, Montana

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 Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming.

History

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 10 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 First Interstate Bancorp, a multi-state bank holding company headquartered in Los Angeles, California, to use the First Interstate Bank name and logo.

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. In 2017, the company retained the rights to use the First Interstate name and logo in all 50 states.

By the end of 1999, First Interstate had grown to 42 branches through a combination of de novo start-ups and acquisitions.[2]

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

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. [3]

As of 2021, First Interstate has 150 branches throughout Idaho, Oregon, Montana, South Dakota, Washington, and Wyoming.

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 (83 m) structure is the tallest building in the state of Montana.[4]

References

  1. ^ "About First Interstate Bank". www.firstinterstatebank.com. Retrieved 2021-03-25.
  2. ^ "About First Interstate Bank". www.firstinterstatebank.com. Retrieved 2021-03-25.
  3. ^ "About First Interstate Bank". www.firstinterstatebank.com. Retrieved 2021-03-25.
  4. ^ "First Interstate Center, Billings". Emporis GmbH. Retrieved 2007-08-10.

External links

Original content from Wikipedia, shared with licence Creative Commons By-Sa - First Interstate BancSystem