Company Overview

First Interstate BancSystem, Inc. is a bank holding company operating in the U.S. financial services industry, primarily focused on community and regional banking. Through its principal subsidiary, First Interstate Bank, the company provides a broad range of consumer, commercial, and wealth management banking services. Its core activities include deposit gathering, commercial and consumer lending, mortgage banking, treasury management, and trust and investment services.

The company’s primary revenue drivers are net interest income from its loan and securities portfolios and noninterest income from service fees, wealth management, and mortgage banking activities. First Interstate BancSystem, Inc. serves individuals, small- to mid-sized businesses, agricultural clients, municipalities, and nonprofit organizations, with a strong emphasis on relationship-based banking. Founded in 1971 in Montana, the company expanded steadily through organic growth and acquisitions, notably transforming from a single-state bank into a multi-state regional banking franchise across the western and central United States.

Business Operations

The company operates through a single reportable operating segment: Community Banking, which encompasses all lending, deposit, and fee-based financial services. Revenue is generated primarily from interest on commercial real estate, agricultural, residential mortgage, and commercial and industrial loans, as well as investment securities. Noninterest income is derived from service charges, trust and wealth management fees, mortgage banking income, and interchange fees.

Operations are conducted through First Interstate Bank, which maintains a network of full-service branches, digital banking platforms, and centralized operations centers. The company controls proprietary banking technology platforms for online and mobile banking and utilizes third-party vendors for core processing and payment systems. A significant subsidiary includes First Interstate Wealth Management, which provides trust, investment advisory, and retirement services across its footprint.

Strategic Position & Investments

First Interstate BancSystem, Inc. follows a strategy centered on disciplined organic growth, conservative credit underwriting, and selective acquisitions that deepen its presence in existing markets. A defining strategic move was the acquisition of Great Western Bancorp, Inc., which significantly increased scale, expanded market density, and diversified the loan portfolio while maintaining a community banking operating model.

The company continues to invest in digital banking capabilities, cybersecurity, and data analytics to enhance customer experience and operational efficiency. Strategic priorities also include balance sheet strength, stable funding through core deposits, and targeted growth in commercial and agricultural lending. While the company does not operate a venture investment arm, it selectively adopts emerging banking technologies through internal development and vendor partnerships.

Geographic Footprint

First Interstate BancSystem, Inc. is headquartered in Billings, Montana, and operates primarily across the Western and Midwestern United States. Its banking footprint spans multiple states, including Montana, Wyoming, South Dakota, North Dakota, Nebraska, Colorado, Arizona, and Kansas, among others, giving it a strong presence in rural, agricultural, and small metropolitan markets.

The company does not have international banking operations, but its geographic reach provides regional diversification across energy, agriculture, and small-business-driven economies. Its market presence is characterized by high branch density in core states and a focus on long-standing local relationships within its communities.

Leadership & Governance

First Interstate BancSystem, Inc. is governed by a board of directors with significant experience in banking, finance, and regional business leadership. The executive team emphasizes prudent risk management, community engagement, and long-term shareholder value, reflecting a traditional community banking philosophy aligned with regulatory discipline.

Key executives include:

• James A. Reuter – President and Chief Executive Officer
• David W. Thompson – Executive Vice President and Chief Financial Officer
• Michael J. Maddox – Executive Vice President and Chief Banking Officer
• John M. Daniels – Executive Vice President and Chief Risk Officer
• Shawn M. Oliver – Executive Vice President and Chief Information Officer

The leadership team’s strategic vision focuses on sustainable growth, maintaining strong capital and liquidity positions, and leveraging scale while preserving a localized, relationship-driven banking culture.