Feb. 2, 2022

Great Western Bank officially has become a division of Montana-based First Interstate BancSystem Inc.

Parent company Great Western Bancorp, based in Sioux Falls, merged with First Interstate. The combined holding company will operate under the First Interstate name and brand, with the company’s headquarters remaining in Billings.

“This is an historic day for our 54-year-old company,” said Kevin Riley, FIBK president and CEO. “We are excited for this partnership with Great Western and believe our expansion into this new footprint will continue to build shareholder value over the long term. As a result of this transaction, First Interstate truly becomes the premier community banking franchise in the West.”

For now, Great Western Bank branches will continue to operate under the Great Western name as a division of First Interstate Bank. The conversion of bank systems and branches is expected to occur in May. After the conversion, Great Western Bank branches will be First Interstate Bank branches.

Great Western leaders Karlyn Knieriem and Scott Erkonen will join the combined holding company as chief risk officer and chief information officer. In addition, five directors from Great Western Bancorp – James Brannen, Frances Grieb, Thomas Henning, Stephen Lacy and Daniel Rykhus – have joined the combined holding company’s board of directors.

Great Western clients will be receiving information about converting their accounts and until May will be served through their existing branches, websites and mobile apps.