In January, officials with First Interstate BancSystem, Inc., headquartered in Billings, Montana, issued a media release that they had filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of shares of its Class A common stock. Sheridan Media's Mary Jo Johnson has more.
This is the first time First Interstate has filed a registration statement with the SEC for an IPO. I spoke with Lyle Knight, President and CEO of First Interstate in Billings. He says that the company decided to take this step because they see potential for growth opportunities to come their way. While the entire country has struggled during these last several months of economic downturn, overall, this region seems to be faring better economically, with possibilities for business growth.
Indeed, First Interstate has seen steady growth for over 40 years. In 1968, FIB acquired Bank of Commerce in Sheridan. The flagship bank on the corner of Main and Loucks Streets had $22 million in assets, and is known as Bank #1 of a now-73 office system across three states. Today, First Interstate has $7 billion in assets, with branches in Montana, Wyoming and most recently, the Black Hills region of South Dakota.
Mr. Knight has been with FIB in Billings since 1998, coming there from Phoenix, Arizona. He wants First Interstate customers to know that if the bank moves forward with their IPO, they will first and foremost remain a family business. They have prided themselves in building a company based on family values. The family culture, both within the bank and without, will not change. He adds that they will continue to support the communities that they serve, and will continue to be the top service provider for customers.
First Interstate intends to list its Class A common stock on the NASDAQ Stock Market.