First Interstate BancSystem And Great Western Bancorp Receive Final Regulatory And Shareholder Approvals To Merge
First Interstate BancSystem, Inc. (NASDAQ:FIBK) (“FIBK”), parent company of First Interstate Bank, and Great Western Bancorp, Inc. (NYSE:GWB) (“GWB”), parent company of Great Western Bank, jointly announced today that they have received all required regulatory clearances as well as approvals of the shareholders of FIBK and stockholders of GWB related to the proposed merger of FIBK and GWB and the merger of FIBK’s and GWB’s respective subsidiary banks, First Interstate Bank and Great Western Bank.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220120005185/en/
The combined holding company will operate under the First Interstate BancSystem name and brand with the combined company’s headquarters remaining in Billings, Montana. The merger is expected to be completed on or around February 1, 2022, subject to satisfaction of customary closing conditions.
“This is an historic moment for our company,” noted FIBK President and CEO Kevin Riley. "Since we started discussions with Great Western, we’ve known this opportunity would be a tremendous partnership. It’s exciting to know our shareholders see the same value and possibilities.”
The combined company leverages the strengths of both organizations, creating a diversified, community-focused banking franchise with a network of more than 300 branches across 14 states. With assets totaling over $32 billion, the pro forma company establishes FIBK as a premier banking franchise in the West.
“Great Western is looking forward to becoming a part of the First Interstate family, and we are eager to demonstrate to our shareholders, our clients, and our communities how beneficial this partnership is for all involved,” said Mark Borrecco, President and CEO of GWB.
Following the completion of the merger, FIBK will provide GWB clients with comprehensive information relating to the anticipated conversion of their accounts, which is expected to occur in May 2022, at which time Great Western Bank branches will become First Interstate Bank branches. Until systems are integrated, FIBK and GWB clients will continue to be served through their respective branches, websites, and mobile apps.