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First Interstate BancSystem acquires Great Western Bancorp for $2 billion

The merger will create more than 300 First Interstate Bank locations in 14 states

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  • Written by  Banking Exchange staff
First Interstate BancSystem acquires Great Western Bancorp for $2 billion

First Interstate Bank has completed its previously announced merger with Great Western Bank.

The headquarters will remain in Billings, Montana as the combined holding company will operate under the First Interstate name and brand.

"This is a historic day for our 54-year-old company.” said Kevin Riley, president and CEO of First Interstate Bank.

Following the merger, Karlyn Knieriem will join the combined holding company as Chief Risk Officer and Scott Erkonen will join as Chief Information Officer.

Mark Borrecco, president and CEO of Great Western Bank, will be departing the company following the closing.

Meanwhile, five directors from Great Western Bank have joined the board of directors of the combined holding company.

“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,” added Riley.

Great Western Bank branches will continue to operate under the Great Western Bank name as a division of the First Interstate Bank.

After the conversion of bank systems and branches, which is expected to occur in May 2022, Great Western Bank branches will be branded as First Interstate Bank branches.

First Interstate Bank has assured Great Western Bank clients it will provide them with comprehensive information relating to the conversion of their accounts.

Until then, clients of both banks will continue to be served through their respective branches, websites, and mobile apps.

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