E-mail Story   Print Story
  Comments (0) Total Thursday Apr. 24, 2014
First Interstate to Buy Mountain West Bank
Helena-based Mountain West Financial Corp. was founded in 1991
HELENA — First Interstate Bank's parent company plans to acquire Mountain West Bank in a deal that will pay Mountain West shareholders approximately $72.8 million, Billings-based First Interstate said Monday.

First Interstate BancSystem Inc. senior vice president and marketing director Cynthia Lyle confirmed the acquisition announced on First Interstate's website.

The deal must be approved by regulators and Mountain West shareholders. It already has been approved by both companies' boards, and First Interstate said it expects to complete the deal by midyear.

"Bringing these two companies together gives us the opportunity to expand our statewide market in Montana and provides us with a solid presence in the Helena market," First Interstate Chairman Tom Scott said in the statement.

Helena-based Mountain West Financial Corp. was founded in 1991, had $647 million in assets at the end of September and operates 12 branches in central and western Montana.

Mountain West CEO Rick Hart said in the statement the merger would mean an expanded line of financial services for his customers.

The merger would give First Interstate, which operates in Montana, Wyoming and South Dakota, approximately $8.2 billion in assets.

The $72.8 million sales price is based on First Interstate's closing stock price Monday of $24.77 per share, which is up .04 percent from Friday.
No comments have been posted for this article.

Kellyn Brown
Kellyn Brown10h
Governor Weighs in on Barry Beach Clemency Application | Flathead Beacon http://t.co/MPQ0KXsiEc
Dillon Tabish
Dillon Tabish12h
Grappling with Technology Demands, Kalispell Schools Seek Funding Boost http://t.co/cy4o52myFO
Molly Priddy
Molly Priddy11h
MT Gov. Steve Bullock sends letter to Parole Board, largely supportive of Barry Beach's petition for commutation of sentence. #mtpol
Tristan Scott
Tristan Scott15h
Meet the law firm behind W.R. Grace and scores of other notable Montana cases. http://t.co/PXTGJGoYdH
Flathead Beacon
FB Headlines10h
Governor Weighs in on Barry Beach Clemency Application http://t.co/fePORvxmT4