First Interstate BancSystem, parent company of First Interstate Bank, announced on Tuesday that they have completed their merger with Great Western Bancorp, parent company of Great Western Bank.
The combined holding company will operate under the First Interstate name and brand with the company’s headquarters remaining in Billings, Montana. All Great Western branches will operate under the Great Western Bank name until May 2022 when a conversion of bank system and branches is expected to take place.
“This is an historic day for our 54-year-old company,” said Kevin Riley, FIBK president and CEO, in a statement. “We are excited for this partnership with Great Western and believe our expansion into this new footprint will continue to build shareholder value over the long-term. As a result of this transaction, First Interstate truly becomes the premier community banking franchise in the West.”
Karlyn Knieriem and Scott Erkonen will join the combined holding company as chief risk officer and chief information officer, respectively. In addition, five directors from GWB have joined the combined holding company’s board of directors.
FIBK and GWB clients will be served under current branches, websites and mobile apps until their accounts are updated.
First Interstate Bank has $19.7 billion in assets as of Dec. 31. They serve customers in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. Great Western Bank has 48 locations across Iowa and operates in eight other states.
