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On July 7, 2014, First Interstate BancSystem, Inc. (NASDAQ: FIBK) (“First Interstate”), parent company of First Interstate Bank, and Mountain West Financial Corp. (“Mountain West”), parent company of Mountain West Bank, National Association (“Mountain West Bank”) announced a July 31, 2014 closing date for the acquisition by merger of Mountain West by First Interstate (the “Parent Company Merger”).
First Interstate also announced that, subject to regulatory approval and the closing of the Parent Company Merger, it is targeting and expects the subsequent merger of Mountain West Bank into First Interstate Bank to occur in October 2014 (the “Bank Merger”). In conjunction with the expected Bank Merger, First Interstate today announced the anticipated closure of eight Mountain West Bank branches located in close proximity to existing First Interstate Bank branches. These anticipated closures are conditioned upon regulatory approval and closing of the Bank Merger and the closing of the Parent Company Merger.
First Interstate Bank currently operates 19 branch banking offices throughout the communities of Bozeman, Great Falls, Helena, Kalispell, Missoula, and Whitefish, Montana. Mountain West Bank currently operates 13 branch banking offices in these same communities. “Having multiple branches located so close to one another following the expected merger is impractical and inefficient. So, after much thought and careful consideration, we have decided to close or consolidate a number of Mountain West Bank branches,” said Ed Garding, President and CEO of First Interstate BancSystem, Inc. “This was certainly not an easy decision to make. However, the result will be a consolidated footprint with 79 branch locations across Montana, Wyoming and South Dakota, providing customers with convenient access to a larger network of branch banking offices, along with a comprehensive line of innovative products and services,” Garding continued.
In Missoula, three Mountain West Bank branches will be closed, including the Southside Branch located at 1821 South Avenue West, the Broadway Branch located at 301 E. Broadway, and the Reserve Street Branch located at 3301 Great Northern Avenue.