By First Interstate Bank
First Interstate Bank agreed Thursday to partner with Great Western Bank (GWB), which is headquartered in Sioux Falls, South Dakota.
Under the terms of the agreement, which was unanimously approved by both parties’ Boards of Directors, the companies will unite under the First Interstate name and brand. Pending regulatory and shareholder approvals, the transaction is expected to close during the first calendar quarter of 2022; the conversion of GWB branches to First Interstate is expected to take place during the second calendar quarter of 2022.
“This is a transformative moment for our 53-year-old company,” said First Interstate President and CEO Kevin Riley. “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.”
With over 170 locations throughout Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota, GWB’s footprint nicely complements the Pacific Northwest and Mountain Regions that First Interstate currently serves. Great Western Bank has a facility in Creston.
“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,” Riley said.
This news positively impacts existing First Interstate clients by expanding the reach of where they can utilize First Interstate’s services, including at more branch locations and surcharge free ATMs.
“Partnering with Great Western Bank and expanding our reach into the Midwest brings us even closer to achieving our vision of being the most relevant, everyday experience our clients have with their money,” said Riley. “As we grow, First Interstate vows to hold true to the values and mission that got us here—to put people first, take care of our clients and communities, and continue to reinforce our proud tradition of service excellence.”
To punctuate the milestone moment for the Company, First Interstate Bank has agreed to gift over $20 million to the First Interstate BancSystem Foundation. “These funds will ensure that our passion for giving back to the places we call home not only continues in our existing communities but extends into our new communities in meaningful and relevant ways,” said Riley.