First Interstate Bank raises minimum wage to $17 per hour

First Interstate Bank is raising the minimum hourly wage for all employees from $15 to $17 an hour, representing a pay boost for 64% of all First Interstate workers.

The compensation changes will be effective beginning Oct. 1.

“It is my sincere hope that these wage increases not only provide financial relief, but reinforce how important our people are to us,” said Kevin Riley, president and CEO of First Interstate Bank, in a statement. “They live our mission, vision and values every day, and are what make our community banking services so special to the clients we serve. We couldn’t be happier to invest in our employees’ future and wellbeing.”

The bank offers a 6% employer-matched 401(k), childcare assistance program, exercise reimbursement program and student debt employer repayment program.

Headquarted in Billings, Montana, Great Western Bank merged with First Interstate Bank in February. All Great Western branches now operate under the First Interstate Bank name.

Starting in April, all employees making annual salaries of $65,000 or less received a fuel stipend of $130, followed by an additional $65 for each payroll through June, to help offset all-time high gas prices over the summer.

First Interstate Bank services customers in 14 states, including Iowa, with more than 300 offices across the country.