First Interstate BancSystem is acquiring Great Western Bancorp in Sioux Falls, South Dakota, in a $2 billion deal that would move the Billings, Montana-based company into eight new states and more than double the size of its branch network.
The combined company would have $32 billion of assets and more than 300 branches across 14 states that span the Pacific Northwest, the Mountain West and the Upper Midwest. Of the nine states that make up Great Western’s footprint, eight would be new markets for First Interstate.
First Interstate President and CEO Kevin Riley called it a “transformative” deal that would give the bank a foothold in faster-growing markets and the additional resources to increase its investments in technology.
“With the addition of Great Western we will significantly increase the geography diversification of our franchise and enter states to the east and…