First Interstate BancSystem, Inc. (NASDAQ: FIBK), parent company of First Interstate Bank, has received an “outstanding” rating by the Federal Reserve Bank (FRB) for its efforts in serving low and moderate income communities.
The FRB examines First Interstate’s community reinvestment activities every two years as part of the federal Community Reinvestment Act (CRA). Enacted in 1977, CRA requires banks to meet the credit needs of the communities they serve, including low and moderate income communities. Only 11% of FRB banks are rated “outstanding,” which is the highest possible CRA rating the FRB can give. First Interstate has received four consecutive “outstanding” ratings.
“Community reinvestment is an integral part of our values and vision here at First Interstate,” said Ed Garding, President and CEO of First Interstate BancSystem, Inc. “This rating represents how committed we are to meeting the needs of the communities we serve.”
During its exam, the FRB reviews First Interstate’s lending, investment, and services provided throughout Montana, Wyoming, and South Dakota. The “outstanding” rating means that First Interstate has an excellent distribution of loans among low and moderate income areas and people, has been very responsive to the convenience and service needs of its communities, and has actively invested in the community and economic revitalization efforts in its service area.
First Interstate BancSystem, Inc. is a financial services holding company, headquartered in Billings, Montana, with $7.6 billion in assets as of December 31, 2013. It is the parent company of First Interstate Bank, a community bank operating 74 banking offices, along with online and mobile banking services, throughout Montana, Wyoming, and South Dakota. As a recognized leader in community banking services with 26 consecutive years of profitability, First Interstate is driven by strong family and corporate values, as well as a commitment to long-term organic growth, exemplary customer service, exceeding customer expectations through its products and services and supporting, with leadership and resources, the communities it serves.