First Interstate BancSystem
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1971 |
| Founder | Homer Scott, Sr. |
| Headquarters | Billings , United States |
Area served | Western and Midwestern United States (14 states) |
| Products | Banking services |
| Website | firstinterstatebank |
First Interstate BancSystem, Inc. operates as a financial holding company with its headquarters located in Billings, Montana. It serves as the parent organization of First Interstate Bank, a community bank that maintains branches across 14 states within the Western and Midwestern United States regions. By total assets, it stands as the largest banking institution headquartered in Montana.
History
The origins of First Interstate Bank trace back to 1968 when Homer Scott, Sr. acquired the Bank of Commerce in Sheridan, Wyoming. The company was officially incorporated in Montana in 1971, and throughout the following ten years, it expanded by purchasing two banks and launching six de novo banks across Montana and Wyoming.
In 1984, the company entered into a franchise agreement with First Interstate Bancorp, a multistate bank holding firm based in Los Angeles, California, allowing it to adopt the First Interstate Bank name and logo.
Following Wells Fargo's acquisition of First Interstate Bancorp in 1996, the Montana-based First Interstate Bank retained exclusive rights to its name and logo. By 2017, it had obtained nationwide rights to use the First Interstate brand.
By 1999, through a combination of acquisitions and new branch openings, First Interstate had grown to encompass 42 locations. The bank expanded into South Dakota in 2008 by acquiring 18 branches from First Western Bank.
Further growth occurred with acquisitions of Cascade Bancorp in 2017 and Northwest Bancorporation, Inc. in 2018, facilitating entry into Idaho, Oregon, and Washington. In 2019, the addition of Idaho Independent and Community 1st Banks led to their rebranding under First Interstate Bank.
In September 2021, First Interstate announced a merger with Great Western Bank based in Sioux Falls. Completed in February 2022 for $2 billion, this transaction expanded First Interstate’s presence into Arizona, Colorado, and several Midwestern states including Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. By May 2022, Great Western branches had been rebranded under the First Interstate Bank name.
Properties
First Interstate Bank holds a 50% ownership stake and serves as the primary occupant of the First Interstate Center, a 20-story structure standing 272 feet tall located in Billings, Montana. Finished in 1985, this building remains Montana’s tallest.