SIOUX FALLS, S.D. (KELO) — Great Western Bank, with a corporate office in Sioux Falls, will merge into First Interstate BancSystem of Montana, a news release said today.
The combined holding company and bank will operate under the First Interstate name and brand with the company’s headquarters remaining in Billings, Montana. The new company will still have a strong presence at Great Western’s headquarters in Sioux Falls, according to the release.
The merger is expected to be effective in the second calendar quarter of 2022.
The merger will create a network of more than 300 branches across 14 states with assets totaling over $32 billion, according to the release.
Great Western is a $13 billion regional bank while First Interstate has $18.9 billion in assets.
Great Western has at least 1,000 employees, according to industry career sites.