In 1968, the controlling interest of the Bank of Commerce, Sheridan, Wyoming was acquired by Homer A. Scott, Sr. In 1971, a Montana-based holding company was formed by the Scott family under the name of STS Corporation. The Company’s purpose was to acquire and serve as a holding company for 100% of the outstanding stock of Security Trust and Savings Bank (later Security Bank, N.A. and First Interstate Bank of Billings, N.A.). In 1974, a Wyoming-based holding company was formed by the Scott family under the name of BOC Corporation which became a multi-bank holding company by owning the Bank of Commerce (later First Interstate Bank of Commerce, Sheridan Branch) and by acquiring Security Bank of Sugarland, Sheridan, Wyoming (later First Interstate Bank of Commerce, Sugarland Branch) which was originally started de novo by the Scott Family.
In 1975, the Montana holding company, STS Corporation, became a multi-bank holding company with the acquisitions of Big Horn County State Bank in Hardin and the Security Bank of Colstrip (later First Interstate Banks of Hardin and Colstrip). Also in 1975, the Company changed its name to Security BancShares of Montana, Inc. In 1978, Security BancShares of Montana acquired Rimrock Bank in Billings (later First Interstate Bank of West Billings) which was originally started de novo by the Scott Family and formed Security Mortgage Company, a non-bank subsidiary. In 1980, Security BancShares of Montana chartered Pioneer Bank, also in Billings (later First Interstate Bank of Billings Heights) and in 1981 acquired First Citizens Bank of Miles City (later First Interstate Bank of Miles City). Also in 1981, the name Security BancShares of Montana, Inc. was changed to Security Banks of Montana.
In 1979, BOC Corporation changed its name to Commerce BancShares of Wyoming, Inc. and the same year acquired Security Bank of Buffalo (later First Interstate Bank of Commerce, Buffalo Branch) from the Scott Family who had originally chartered the bank. Security Bank of Gillette (later First Interstate Bank of Commerce, Douglas Highway Branch) was opened and in 1982, First National Bank of Greybull (First Interstate Bank of Commerce, Greybull Branch) was acquired. In 1984, as a result of a franchise agreement with First Interstate Bancorp, all subsidiary banks took the First Interstate name. In 1985, the name Security Banks of Montana was changed to First Interstate BancSystem of Montana, Inc. In 1986, First Interstate BancSystem acquired the First National Montana Bank of Missoula, N.A. (First Interstate Bank of Missoula, N.A.)
In 1987, Commerce BancShares of Wyoming acquired Stockman’s Bank of Gillette (later First Interstate Bank of Commerce, Gillette Branch). In 1988, all of the Wyoming Subsidiary banks consolidated as branches of First Interstate Bank of Commerce.
During 1991, bank assets exceeded $1 billion. In the fall of 1992, the Federal Reserve approved the branching conversion of the Montana banks into one bank. The South Missoula branch was also opened in late 1992. During 1993, Commerce BancShares of Wyoming was merged into First Interstate BancSystem of Montana and the holding company name was changed to First Interstate BancSystem, Inc. The organization continued to grow in 1995 with the opening of the Billings Grand and Missoula North Reserve branches and the acquisitions of First Citizens Bank in Bozeman and First National Park Bank of Livingston which included a Gardiner branch.
In October, 1996 the organization grew by approximately 40% in assets with the acquisition of six First Interstate Banks from Wells Fargo that were acquired in their acquisition of First Interstate Bancorp. These banks, located in Casper, Riverton, Laramie, Kalispell, Great Falls and Cut Bank significantly expanded the First Interstate territory. Other acquisition activities in 1996 included the opening of a savings branch in Hamilton (which was then converted to a bank branch in 1997) and the acquisitions of Mountain Bank of Whitefish with its branch in Evergreen. By the end of 1996, the organization was operating 28 branches with over 1,000 employees and bank assets in excess of $2 billion.
Growth continued in 1997 with the opening of new branches in Eureka, MSU Bozeman, Lander and East Casper. The Lander branch was the first grocery store branch of First Interstate BancSystem. In early 1998, a new bank was opened in West Yellowstone and later in the year new branches were opened in Great Falls and in an Albertson’s grocery store in West Casper. During 1999, Security State Bank of Polson was acquired along with branches of another banking organization located in Belgrade and Helena. New branches were opened that year in West Laramie and in an Albertsons grocery store in Missoula. By the end of 1999, First Interstate Bank of Montana had become the largest in the state. At this time, the organization had also become a significant bank data processing and ATM services provider. The number of non-First Interstate banks receiving data processing services from the organization was 35 with the number of ATM’s being serviced at 1,270.
In 2000, new branch facilities were built in Bozeman and Helena, a new grocery store branch was opened in Jackson, a new branch was opened in Lame Deer and two banking locations were acquired in Cheyenne with the purchase of Equality State Bank. A new growth strategy was also implemented in 2000 when the organization opened branches in Wal-Mart Superstores in Casper, Laramie, Great Falls, Helena, Billings West and Billings Heights. In 2001, additional in-store branches were opened in Wal-Mart Superstores in Butte, Missoula and Riverton and traditional banking branches were opened in Lander and Jackson. The West Yellowstone branch was sold in 2001. By 2006, and as a result of a strategic initiative, the Wal-Mart in-store branches were exited.
Also in 2001, the data processing operation, now a separate subsidiary called, i_Tech, opened remote processing sites in Denver and Boise. By the end of 2001, bank assets exceeded $3 billion and 18,000 customers were banking on-line. During 2002, branch locations were added in Cheyenne and on the campus of the University of Wyoming. The Greybull branch was sold in 2002. In January 2003, the United States National Bank of Red Lodge was acquired. During March 2003, construction began on a main banking facility in Jackson and a new bank building for the South Missoula branch is expected to be completed by June 2003. Another remote processing center of i_Tech will be opened in Portland in 2003.
In 2008, First Interstate BancSystem, Inc. acquired First Western Bank Wall, First Western Bank Sturgis and First Western Data; Inc. With assets of approximately $1 billion, these two banks operate eighteen branch offices in twelve communities in Southeastern South Dakota, including Bell Fourche, Custer, Deadwood, Edgemont, Hill City, Hot Springs, New Underwood, Piedmont Valley, Rapid City, Spearfish, Sturgis and Wall.
This acquisition is our first acquisition outside our home states of Montana and Wyoming, and brings our total assets to over $6 billion with 69 branch offices.
In December 2008, First Interstate BancSystem, Inc. sold i_Tech, our data processing operation, to FiServ, Inc. The decision to sell i_Tech was strategic in nature and made in the long-term best interests of the company.
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