Expanding an Empire: First Interstate Bank May Sell Public Stock by July

Summary

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First Interstate paid the FDIC $9.7 million for the first nine months of 2009, a hike of 437 percent over 2008 premiums.\n The next month, the bank had to redo the loan agreement again to meet stricter federal lending standards. First Interstate paid Castle and her husband a total of $633,779, initially for moving expenses and home maintenance, and eventually to help make up for the loss of value on their previous home.

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Expanding an Empire: First Interstate Bank May Sell Public Stock by July

The Scott family, heirs to the First Interstate Bank empire and the nearly 500,000-acre Padlock Ranch that sprawls across Wyoming and Montana, considered selling stock to the public in 1999 but backed away.

Now the family has asked for approval from the U.S. Securities and Exchange Commission to sell up to $115 million worth of Class A common stock shares in the bank by mid-July.

In 42 years, Billings-based First Interstate BancSystem Inc. has grown from a single bank in Sheridan, Wyo., to a...

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