First Interstate BancSystem, Inc., parent company of First Interstate Bank, announced that it has completed its previously announced merger with Great Western Bancorp, Inc., 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, Mont.
“This is an historic day for our 54-year-old company,” said Kevin Riley, FIBK President and CEO. “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.”
Immediately following the closing, Great Western Bank was merged with and into First Interstate Bank. Great Western Bank branches will continue to operate under the Great Western Bank name as a division of First Interstate Bank. The conversion of bank systems and branches is expected to occur in May 2022. After this conversion, Great Western Bank branches will be branded as First Interstate Bank branches.
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, effective immediately:
- James Brannen
- Frances Grieb
- Thomas Henning
- Stephen Lacy
- Daniel Rykhus
Over the coming months, FIBK will provide GWB clients with comprehensive information relating to the conversion of their accounts in May 2022. Until then, FIBK and GWB clients will continue to be served through their respective branches, websites, and mobile apps.