Great Western Bank of Sioux Falls (GWB), which has a location in Sioux City, will partner with First Interstate Bank (FIBK) headquartered in Billings, MT. The merger is expected to close in the first quarter of 2022.
GWB was established when individual banks owned by attorney Deryl Hamann of Omaha merged with the lead bank in Watertown, SD. They then made numerous acquisitions including Tier One of Nebraska and Iowa. The bank eventually sold to an Australian Bank in 2008, who in 2014 spun it off with a public offering.
FIBK was also started as an independent bank. Homer Scott, Sr. purchased his first bank in Sheridan, WY in 1968. Scott was an executive with Peter Kiewit of Omaha. Among the puchases was Security Bank of Billings in 1970. First Interstate Bank of California started a name franchise in 1984. When the California bank was acquired in 1996, the Scott family banks kept the name. FIBK entered South Dakota in 2008 with the purchase of First Western Bank’s 18 locations in the Black Hills.
The combined bank will have $32 billion in assets, $13 billion from GWB and $19 billion from FIBK.
GWB has 174 locations and FIBK 142.
FIBK and GWB shareholders will own 57/43 percent of the combined company.
The Board of Directors will consist of 11 directors from FIBK and five from GWB. Headquarters will be Bilings, MT.