In large part to compete with Bank of America (by far the largest bank in California at the time), Western expanded steadily in the 1960s, both domestically and overseas, ending the decade with assets of more than $10 billion. Transamerica continued to pursue its insurance and other operations.įirstamerica (doing business as First Western Bank and Trust Company) changed its name to Western Bancorporation in 1961, and the retail operations were renamed United California Bank (UCB), after the acquisition of Los Angeles-based California Bank, which operated primarily in Southern California. Thus Transamerica's banking operations, which included 23 banks in 11 western states, were spun off as Firstamerica Corporation in 1958. The Bank Holding Company Act of 1956 placed new restrictions on companies such as Transamerica. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. ![]() Transamerica Corporation, a Delaware corporation, petitioned this court to review an order of the Board of Governors of the Federal Reserve System entered against it under Section 11 of the Clayton Act, 15 U.S.C.A. In 1953, regulators succeeded in forcing the separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act. From the 1930s through the mid-1950s, Transamerica made a number of acquisitions of banks and other financial corporations throughout the western United States, creating the framework for the later First Interstate system. Customers will receive mailings regarding information on the merger as well as information regarding their accounts.In 1928, Amadeo Giannini, born in California to Italian immigrant parents, formed a holding company, the Transamerica Corporation, to consolidate his existing financial ventures, which began business with $1.1 billion in assets and both banking and non-banking activities. “The strategic and cultural alignment between our organizations is what makes this transaction so exciting, as we both pride ourselves on being community banks with a strong focus on relationship building, customer service and community outreach," Riley said in the release.Ĭustomers can expect no immediate changes to their day-to-day banking, and business will go on as usual. In 2008, First Interstate merged with First Western Bank and expanded into markets adjacent to South Dakota.įirst Interstate BancSystems expects the transaction will result in 20% growth in earnings per share in 2023, assuming fully phased-in cost savings, according to the release. First Interstate was founded in 1968 when Homer Scott established First Interstate Bank with his purchase of the Bank of Commerce in Sheridan, Wyo. Most recently, the bank system acquired 11 branches from Idaho Independent Bank and three from Community First Bank, both in 2019. It's the sixth merger and acquisition for First Interstate since 2016, and ninth in the company's history. With the change, the banks will have low overlap, allowing for minimal impact to employees, officials said Thursday. The transaction is expected to close during the first calendar quarter of 2022, and the conversion of Great Western banks to First Interstate will take place during the second calendar quarter of 2022, according to the release. With the transaction, there will be more than 300 First Interstate Bank locations in 14 states that will have more than $32 billion in assets. Boise, Idaho and Spokane, Wash. Riley said the company has "had a great deal of success over the past few years" in those markets. It has 174 branches in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota, including in Watertown and Aberdeen and other communities in the state.įirst Interstate already has markets in Denver Fort Collins, Colo. Headquartered in Sioux Falls, Great Western is a full-service, $13 billion regional bank. It has locations in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. The current president and CEO of Great Western Bank, Mike Borrecco will serve as the chief banking officer for First Interstate.įirst Interstate BancSystems, headquartered in Billings, Mont., is the parent company of First Interstate Bank, a company with $18.9 billion in assets, according to the release. Upon closing the deal, five directors from Great Western Bank will join the First Interstate BancSystems board of directors. ![]() Great Western Bank will merge into First Interstate BancSystems Inc., according to a news release. First Interstate BancSystems Inc. has entered an agreement with Great Western Bank that will combine the two companies in an all-stock transaction.
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