First Interstate BancSystem will close eight branches of Mountain West Bank Financial, following completion of the proposed merger of both banks scheduled in October this year.
These planned closures are subject to regulatory approval, and closing of the bank merger and the parent company merger.
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Most recently, the US Federal Reserve approved the application from First Interstate and Mountain West to complete the acquisition by merging Mountain West with First Interstate.
The $72.8m acquisition will complete on 31 July, while integration of operations of both firms is scheduled to conclude by 17 October.
At present, First Interstate Bank manages 19 branch offices throughout the communities of Bozeman, Great Falls, Helena, Kalispell, Missoula, and Whitefish, Montana, while Mountain West Bank currently operates 13 bank branches in these same communities.
First Interstate BancSystem president and CEO Ed Garding said, "Having multiple branches located so close to one another following the expected merger is impractical and inefficient.
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By GlobalData"So, after much thought and careful consideration, we have decided to close or consolidate a number of Mountain West Bank branches," Garding added.
After merger, the integrated company will have 79 branch locations across Montana, Wyoming and South Dakota, providing customers with convenient access to a larger network of branch banking offices.
