At close of business on Friday, August 12, 2016, Flathead Bank/Valley Bank/Bank of Glacier County will become First Interstate Bank. We’re excited and honored to welcome you to the First Interstate family!
Following are some frequently asked questions we’ve received regarding the transition from Flathead Bank to First Interstate Bank. If you have additional questions after reviewing these answers, please visit your local Flathead Bank or First Interstate Bank branch. Or, contact our special Customer Support hotline, which has been established specifically for customers of Flathead Bank. That number is 1-888-833-3442; representatives are available Monday-Friday, 7:30 a.m. to 6:00 p.m.
I’m not familiar with First Interstate Bank. Tell me more about your company.
First Interstate Bank is an $8.6 billion community banking organization headquartered in Billings, Montana. With over 80 locations throughout Montana, Wyoming, and South Dakota, we have grown our business through a long-term, disciplined perspective that emphasizes our commitment to providing high-quality financial products and services as well as delivering exceptional customer service.
We believe in assisting our communities through socially responsible leadership as well as cultivating a strong and positive corporate culture. We intend to remain a leader in our markets by continuing to adhere to these core principles and values that have contributed to our growth and success.
Will you be changing the bank’s name to First Interstate Bank?
Yes, effective August 15, 2016, Flathead Bank/Valley Bank/Bank of Glacier County will operate under the First Interstate Bank name.
Will branches be closed as part of this merger?
Due to the close proximity to the First Interstate Bank branch in Kalispell, the Flathead Bank location in Kalispell will permanently close for business at 3 p.m. MST on Friday, August 12, 2016. All other Flathead Bank/Valley Bank/Bank of Glacier County locations will remain open and begin operating as First Interstate Bank on Monday, August 15, 2016.
Can I bank at a First Interstate branch right now? For example, can I make deposits or withdrawals from my Flathead Bank/Valley Bank/Bank of Glacier County accounts at First Interstate Bank?
No, not at this time. Because the merger is not complete, your Flathead Bank/Valley Bank/Bank of Glacier County accounts are not currently accessible at First Interstate locations. There is also no need to go to First Interstate to open a new account. Your accounts will automatically convert to First Interstate accounts at the close of business on August 12, 2016; after that date, you will be able to conduct your banking business at any First Interstate Bank location.
What will happen to my current accounts?
By now, you should have received a number of mailings from First Interstate regarding the transition, including a Conversion Guide that explains more about how your accounts will convert to First Interstate Bank accounts. Your accounts will automatically become First Interstate accounts at the close of business on Friday, August 12, 2016. No action on your part is necessary at this time.
Will my account number change?
Account numbers will not change, other than a few exceptions. If your account is one in which the account number will change, you will be notified via mail.
I have accounts at both Flathead Bank and First Interstate Bank. What will happen to my FDIC insurance after the merger?
FDIC insurance provides coverage up to $250,000 based on account ownership. Your First Interstate banker will be happy to visit with you about options to structure your accounts to maximize FDIC insurance coverage.
Will I need to order new checks once the merger is complete?
You may continue using your current Flathead Bank checks until December 31, 2016. After that date, your checks must use First Interstate’s name and routing number (092901683). Please feel free to contact any First Interstate Bank branch after August 15 and employees will assist you with your new check order. If you order your checks through another vendor, you will need to provide them with your updated information.
What changes will there be to the debit/ATM card I currently have?
If you have a Flathead Bank debit or ATM card, you will be automatically issued a new First Interstate Bank debit or ATM card; you should receive this via mail on or before August 5, 2016. The PIN for your new First Interstate Bank debit or ATM card will be the same PIN associated with your Flathead Bank debit or ATM card. Continue using your Flathead Bank debit and/or ATM cards through midnight on Sunday, August 14, 2016. You may begin using your First Interstate Bank debit and/or ATM cards on Monday, August 15, 2016.
Please note, if you have not used your Flathead Bank debit or ATM card in the past 13 months, you will not be automatically issued a First Interstate Bank debit or ATM card.
Is funds availability at First Interstate Bank different than it was at Flathead Bank?
Cash and electronic direct deposits are available on the day we receive your deposit. Check deposits will be available to you on the first business day after the day we receive your deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Why does First Interstate Bank use MasterCard® instead of VISA® for debit and credit cards?
First Interstate Bank is proud to exclusively offer MasterCard products to our personal and business debit and credit card customers. MasterCard and VISA have essentially the same world-wide acceptance. In addition, cardholders receive a number of built-in benefits with MasterCard. Please review the “Guide to Benefits” that comes with your debit or credit card for a complete listing of details.
Do I need to notify Social Security or any other entities that process automatic deposits or withdrawals from my account(s)?
The deposits and withdrawals that post automatically to your checking or savings account will continue to be processed the same way they always have. Only in rare cases of duplicate account numbers requiring an account number change will Social Security or other entities that process automatic deposits or withdrawals need to be notified. If needed, First Interstate Bank will make the initial contact with these entities on your behalf.
I have a loan with Flathead Bank; do I need to do anything with my loan before the transition to First Interstate Bank?
The terms and conditions in your loan contract remain as stated, and everything will automatically convert to First Interstate Bank. There is no need for you to do anything.
Why did First Interstate choose to purchase Flathead Bank?
Since our inception in 1968, First Interstate has always adhered to a strong set of guiding principles. It is clear that Flathead Bank shares those corporate values and knows the importance of community banking and community reinvestment. Bringing our two companies together will create long-term value for both companies, our customers, our employees, our communities, and our shareholders.
What are some of First Interstate’s core values?
First Interstate takes great pride in being a community bank. We’ve worked hard to create trust with customers, employees, and the communities we serve. In fact, nearly 20% of First Interstate Bank’s workforce has been with the company for 25 years or longer.
Why did Flathead Bank choose to sell to First Interstate Bank?
In the words of Flathead Bank of Bigfork Chairman Larry Jochim, “First Interstate is a respected company with deep roots in Montana and is known for its progressive posture and philanthropic support of the communities it serves. We are confident the merger of our bank with First Interstate will provide our customers with many new benefits including new banking products, increased lending limits and convenient statewide access to banking services. In addition, our customers will be able to continue their banking relationships with staff they've come to know and trust at Flathead Bank.”