Merger between local banks, First Interstate Bank completed

First Interstate BancSystem announced this week that it has completed its acquisition of two Kootenai County banks.

First Interstate Bank, a Billings, Mont.-based community bank with more than 120 branches in six states, said in a news release Monday that Idaho Independent Bank and Community 1st Bank are now officially merged with First Interstate Bank.

The pending merger was reported last fall.

Community 1st Bank’s three locations in North Idaho and Idaho Independent Bank’s 11 branches in the greater Boise-Nampa area and Coeur d’Alene markets are now First Interstate Bank branches.

“Following the merger, Idaho Independent Bank clients and Community 1st Bank clients will continue to enjoy a highly-personalized banking experience,” said a First Interstate news release. “First Interstate offers an expanded line of financial services and innovative solutions, such as Wealth Management, Mortgage, Treasury Solutions, and a unique credit card with a rewards program featuring travel benefits and perks from local merchants.”

In accordance with the definitive agreement, approximately 4.0 million shares of First Interstate Class A common stock were issued.

“We are excited to join the First Interstate team and look forward to the opportunities and benefits this combination will bring to our clients, employees, and shareholders,” said Jack Gustavel, executive chairman and founder of Idaho Independent Bank, when the merger was announced in October. As part of the transaction, Jack’s son, Kurt Gustavel, current IIB president and CEO, will be retained by First Interstate and serve as regional president for Idaho and Eastern Washington.

“Our bank has a long-standing history of service excellence and giving back to the community,” said David Bobbitt, chairman and chief executive officer of Community 1st Bank, last fall. “First Interstate Bank is just the right partner to extend and build upon this proud legacy.”

— Maureen Dolan