Four months after announcing our intent to merge, we are pleased to officially welcome Inland Northwest Bank (INB) to the First Interstate family.
First Interstate’s acquisition of Northwest Bancorporation, Inc., parent company of INB, was completed at close of business on August 16, 2018. “INB’s service excellence and company culture blends seamlessly with ours,” said First Interstate President and CEO, Kevin Riley. “It is our privilege to welcome INB employees, clients, and shareholders to the First Interstate family.”
For former INB executives and stakeholders, the partnership made sense on several fronts—anchored in a mutual appreciation for providing the best client experience for their customers. “First Interstate was the ideal partner for us because we share values about community banking and how we serve our employees, customers, and communities,” said Russ Lee, former President and CEO of Northwest and newly-appointed Executive Vice President of Special Projects for First Interstate. “We are excited to join the First Interstate team and look forward to the many opportunities and benefits this merger will bring to our employees, our clients, and the combined company’s shareholders.”
There are no immediate changes for INB clients. “For now, it is ‘business as usual’ for INB,” Riley said. “Clients will continue to work with the same bankers they’ve come to know and trust, and INB’s local leadership remains in place.”
The data processing conversion and merger of the two banks is scheduled to begin following the close of business on November 9, 2018. On Tuesday, November 13, INB will officially become First Interstate Bank (both INB and First Interstate Bank will be closed on November 12 in observance of Veterans Day). Until then, INB and First Interstate Bank will operate as two separate banking subsidiaries of First Interstate BancSystem, Inc. Over the coming months, INB clients will begin receiving information about the conversion to First Interstate.
Tell me more about First Interstate BancSystem, Inc. and First Interstate Bank.
First Interstate BancSystem, Inc. is a financial holding company headquartered in Billings, Montana. It is the parent company of First Interstate Bank, a community bank offering a full range of online, mobile, and other banking and financial services. When the merger of INB and First Interstate Bank occurs in mid-November, you will have access to nearly 150 banking offices across Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming.
First Interstate’s course was set by its founder, Homer Scott, Sr., who believed that people and organizations are not known by what they say, but by what they do. From the time Mr. Scott purchased the first bank in 1968, through their growth over five decades, the First Interstate family has always adhered to a strong set of guiding principles and values. First Interstate’s operating philosophy, commitment to their clients and communities parallels that of our own, so we are honored to become part of their organization.
When will First Interstate Bank and INB be merged into one company?
The merger and data processing conversion is scheduled to begin following the close of business on Friday, November 9. On Tuesday, November 13, INB will open its doors as First Interstate Bank (we will be closed Monday, November 12 in observance of Veterans Day).
What happens now? Can I continue to work with the same banker and/or loan officer as I do now?
For now, it is business as usual. Regional and market leadership for INB remains in place. You can continue your normal banking activities with the same bank staff you’ve come to know and trust in the same communities where you live and work.
If I am in Montana, South Dakota, or Wyoming, can I bank at a First Interstate branch right now and make deposits or withdrawals from my INB accounts?
No, not at this time. Because the merger of our two banking institutions is not yet complete, your INB accounts are not currently accessible at First Interstate’s locations. At merger in mid-November, your accounts will be automatically converted to First Interstate accounts.
What will happen to my accounts?
There will be no immediate changes to your accounts, and no action on your part is necessary at this time. Over the coming months, you will receive mailings from First Interstate regarding the transition, detailing whether or not there will be changes to your accounts, checks, and debit cards. You’ll also learn more about the benefits of being a First Interstate client.
Will my account number be changed?
The majority of INB account numbers will remain the same. A small number of account numbers have been identified as duplicate account numbers with another First Interstate Bank account; as such, we will need to change the account numbers on those few accounts. If your account is impacted in any way, we will contact you individually. If you do not hear from us about your account number, you can assume it will remain the same.
How will I know if I have a duplicate account number?
If we find you have a duplicate account number, you will receive a letter notifying you of the matter, and informing you of next steps. Should this occur, there is no need to worry. First Interstate will take care of everything on your behalf!
What will happen to my FDIC insurance after the merger?
Following completion of the merger in November, your banker will be happy to visit with you about options to structure your accounts to maximize FDIC insurance coverage.
What, if any, changes will there be to the debit card I currently have?
As mentioned, the actual merger of the two banks will take place in mid-November. At that time, you will receive a new debit card; your previous card will be cancelled shortly thereafter.
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. In rare cases of duplicate account numbers requiring an account number change, Social Security or other entities that process automatic deposits or withdrawals from an account may need to be notified. If needed, First Interstate will make the initial contact with these entities on your behalf.
I have a loan with INB; do I need to do anything with my loan?
The terms and conditions of your loan contract remain as stated. There is no need for you to do anything with your loan; however, if you have questions about your loan, please contact your banker.
Questions and Support:
If you have additional questions after reviewing these answers, please visit your local INB location or contact INB Customer Service at 1-888-509-7922 or firstname.lastname@example.org. You may also call First Interstate’s Client Contact Center at 1-855-342-3400; representatives are available Monday-Friday, 7:30 a.m. to 7:00 p.m. MST and Saturday, 10 a.m. to 2 p.m. MST.