first interstate bank of arizona

William Randall, a quietly effective force in Seattle-area community and banking affairs throughout the 1980s, will leave as the top officer. The bank services its customers through more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska. First Interstate Bank has filed a civil lawsuit against several former Idaho, Utah, Washington, Wyoming, Colorado, Arizona and Nevada.

First interstate bank of arizona -

FIRST INTERSTATE BANCORP History



Address:

707 Wilshire Boulevard
Los Angeles
California
90017
United States


Telephone:(213) 614-3001

Public Company
Incorporated:1957 as Firstamerica Bancorporation
Employees: 36,980
Assets: $58.2 billion
Stock Index: New York Pacific Boston Midwest Philadelphia Cincinnati Amsterdam Frankfurt

Company History:

First Interstate Bancorp is one of the largest bank holding companies in the United States. The company's 55 banks collectively operate 1,033 branches in 13 states, giving it the widest geographical coverage of any banking company in the country. First Interstate is a familiar name to literally millions of Americans who bank there. In the 1980s, the company took advantage of banking deregulation to enter a variety of financial services, including discount securities broking, venture capital activities, and mortgage banking.

First Interstate's history parallels the evolution of banking in the United States. Its major restructurings have usually gone hand in hand with governmental restrictions or critical trends in the banking industry. The company known as First Interstate today was once the Western Bancorporation, and before that the Firstamerica Bancorporation, but its roots go deeper still. Firstamerica was a spinoff of the banking interests of the Transamerica Corporation. Transamerica's origins can be traced to 1904, when A.P. Giannini opened the Bank of Italy in San Francisco with $150,000.

Giannini was a unique figure in the history of American banking. Born in San Jose, California in 1870, Giannini spent much of his youth traveling around the state as a produce buyer for his step-father's distributing firm. Giannini's extensive contact with small merchants drew his attention to the need these businessmen had for financing. Banking at that time was primarily a service for big business. Giannini decided to pursue the business of these "little people," a strategy that paid off handsomely. By 1909, Giannini's Bank of Italy had more than $2.5 million at its disposal.

Giannini remained an outsider from the traditional American banking establishment. The financier's somewhat unorthodox methods were viewed as a threat by many established bankers of the day. As a result, when Giannini went to New York to expand his empire into the nation's financial center, he found a number of obstacles placed in his way. In 1918, Giannini and a group of Italian investors pooled $1.5 million to establish the BancItaly Corporation in New York City. Over the next nine years, BancItaly acquired five New York banks, including one called Bank of America. When Giannini tried to consolidate his BancItaly holdings under the Bank of America charter, the Federal Reserve Bank of New York unexpectedly denied his petition unless he and his associates agreed to divest certain holdings within six months. It was the first time the Federal Reserve had placed such a stipulation on any national bank with a clean bill of health. Although it was never proven, suspicion arose that the move was engineered by the powerful eastern banking establishment. Giannini was forced to agree to the conditions imposed by the Federal Reserve: to back out of the consolidation at the eleventh hour might have shaken public confidence in the bank.

In 1928, soon after the Federal Reserve's orders were carried out, Bank of Italy and BancItaly stocks were dumped on Wall Street by Giannini's banking rivals in order to lower the value of the Californian's banks. Giannini organized a holding company, the Transamerica Corporation, to prevent further manipulation of the stocks' prices. Shares in the new company were issued in exchange for Bank of Italy and BancItaly Corporation shares. The new company engaged in both banking and non-banking activities to spread out risk. With $1.1 billion in assets, Transamerica was a major force in banking from the day it began business.

Transamerica set out to build a national banking system. In 1930, Transamerica merged the Bank of America of California and the Bank of Italy, creating the Bank of America National Trust and Savings Association. This new hybrid, with assets of $1 billion, was the fourth largest bank in the country.

Transamerica began to acquire the banks that would eventually form the core of the First Interstate Bancorporation as early as 1930. During the following decade, Transamerica acquired a number of banks and other financial corporations throughout the western United States. By the end of the decade the company had banks in California, Nevada, Oregon, Washington, and Arizona, as well as New York. Giannini's goal was to unite all of the banks under one umbrella, thereby creating a truly national branch banking system as soon as federal regulations would allow it. The Depression, however, brought more stringent banking regulations as the nation's banks were reorganized during Franklin Roosevelt's "bank holiday." Nonetheless, Transamerica continued its banking operations throughout the 1930s and at the same time expanded its nonbanking activities.

In 1937, Transamerica divested a majority of its shares in the Bank of America. The company continued to hold its other banks, and added considerably to its bank holdings throughout the next decade. In 1948, the Federal Reserve filed a suit against Transamerica charging that the company's interstate banking affiliations constituted a potential monopoly. The case was resolved in 1953, when a U.S. Court of Appeals ruled that Transamerica's holdings did not consitute a monopoly.

A. P. Giannini died in 1949 and was succeeded as Transamerica chairman by Frank N. Belgrano, who continued Giannini's policies of growth. Transamerica had steadily invested in various insurance companies since the 1930s, and by 1950, the company was aimed more in that direction than in the direction of interstate banking. Belgrano, however, refreshed Transamerica's bank acquisition policies. In the next several years, Belgrano took Transamerica on an acquisition spree; by the mid-1950s, the company had significant new holdings in Colorado, Idaho, Montana, New Mexico, Utah, and Wyoming.

The Bank Holding Company Act of 1956 placed new restrictions on companies like Transamerica. As a result of this legislation, Belgrano separated Transamerica's banking from its non-banking holdings. Transamerica pursued its insurance and other operations while ownership of 23 of Transmamerica's banks in 11 western states were transferred to the new Firstamerica Corporation. All of Firstamerica's shares were distributed to Transamerica shareholders in equal proportion to their Transamerica holdings. By 1959 the two organizations were completely separate.

In 1959, Frank King joined Firstamerica with the acquisition of the California Bank. King became chairman of Firstamerica, guiding its growth for the next ten years. In 1961, Firstamerica changed its name to Western Bancorporation. Under King's direction the company expanded steadily throughout the 1960s, both domestically and overseas. The United California Bank, which had been formed when the California Bank and the First Western Bank and Trust Company merged in 1961, was the jewel in Western's crown at this time. By the end of the decade, Western Bancorporation had assets of more than $10 billion.

In 1972, Frank King retired and Clifford Tweter became chairman of Western's board of directors. At the same time Ralph J. Voss became the company's president. These two engineered further expansion of the holding company's financial services network. The Western Bancorporation Mortgage Company was founded in 1974. A year later, Western Bancorporation Data Processing Company was launched to tackle some of the problems related to the explosive growth of Western's banking operations. In order to improve up-to-the-minute information on Western's millions of customer accounts, the data processing company developed the Teller Item Processing Systems (TIPS). By 1985, this system was processing 750,000 transactions per day.

In 1978, United California Bank's president, Joseph J. Pinola, joined Western Bancorporation as chairman and CEO. He inherited a decentralized collection of banks, many of which had their own operating procedures and marketing strategies. Pinola centralized Western's strategic planning, but left day-to-day decisions in the hands of the individual banks. In 1979, the Western Bancorp Venture Capital Company was formed, further diversifying the financial operations of Western Bancorporation.

In June of 1981, the company changed its name to First Interstate Bancorp. About 900 banking offices throughout 11 states, as well as 40 overseas offices, now identified themselves as First Interstate banks. The move was designed to promote greater public recognition and internal consistency.

The 1980s were a time of rapid change in the banking industry. First Interstate Bancorp introduced the nation's first bank franchise program. Franchisees were entitled to use the First Interstate name, advertising, computer services, and other common products while maintaining local control over operations. At the same time the company continued its strategy of growth by acquisition. In 1983, it acquired IntraWest Bank of Denver, which was merged into the First Interstate Bank of Colorado, making it the state's largest, with assets in excess of $2.4 billion.

First Interstate jumped into new financial services as soon as the banking deregulation measures of the 1980s allowed. In 1982, the bank participated with 12 other banks in the creation of the Cirrus automated teller machine (ATM) network. In 1983, the First Interstate Discount Brokerage was set up to provide bank customers with securities and commodities support. Spoor Behrins Campbell and Young, a financial planning company, was also acquired in 1983.

In 1984, First Interstate branched into merchant banking with the purchase of Continental Illinois Ltd.; equipment leasing with the acquisition of the Commercial Alliance Corporation of New York; and broadened its mortgage banking activities by acquiring the Republic Realty Mortgage Corporation. In January, 1985 First Interstate's flagship, the First Interstate Bank of California, split its operations into two separate units. First Interstate Bank of California served individuals and small- and medium-sized businesses, while a new bank, First Interstate Bank Ltd., provided banking services to large corporate customers.

The bank failures of the mid-1980s gave First Interstate the opportunity to acquire a number of banks in need of repair. In 1986 it bought the First National Bank and Trust of Oklahoma City, which had failed because of an unexpected downturn in the energy and real estate industries, and reopened it under the First Interstate name. The company acquired failed banks in three other states as well.

In 1986 and 1987, First Interstate Bancorp made a bold attempt to take over the ailing Bank of America. Bank of America's heavy exposure to Third World debt and to the troubled energy and real estate industries in the U.S. had taken a heavy toll; the bank lost $1.8 billion between 1985 and 1988. Nevertheless, Bank of America fought First Interstate's takeover bid with determination and was ultimately successful.

First Interstate soon had its hands full with its own problems. In 1987, First Interstate Bank of Texas encountered serious problems with bad debt. This subsidiary bank, like many others, had loaned heavily to the energy and real estate industries, and was unprepared for the sudden downturn. The situation in Texas prompted First Interstate chairman Joe Pinola to take a closer look at his company's operations. He responded by trimming 8% of the workforce and seeking buyers for unprofitable subsidiaries, among them First Interstate's mortgage banking unit.

In 1988, First Interstate recorded substantial losses. In the last two years of the decade, the company focused on rebuilding and rejuvenating its existing operations rather than on acquiring new ones. Continued deregulation of financial service markets will provide new opportunities for First Interstate Bancorp, and the company that was transformed along with the banking industry will undoubtedly continue to adapt to change.

Principal Subsidiaries: First Interstate Bancard Co., N.A.; First Interstate Bank of Arizona; First Interstate Bank of California; First Interstate Bank International; First Interstate Bank of Denver; First Interstate Bank, Ltd.; First Interstate Bank of Nevada, N.A.; First Interstate Bank of Oklahoma, N.A.; First Interstate Bank of Oregon, N.A.; First Interstate Bank of Utah, N.A.; First Interstate Bank of Washington, N.A.; First Interstate Bancard Co.; First Interstate Discount Brokerage Co.; First Interstate Life Insurance Co..

Further Reading:

Koster, George H. The Transamerica Story, San Francisco, Transamerica Corp., 1978. First Interstate Bancorp: A Brief History, Los Angeles, First Interstate Bancorp, 1986.

Source: International Directory of Company Histories, Vol. 2. St. James Press, 1990.

Источник: http://www.fundinguniverse.com/company-histories/first-interstate-bancorp-history/

It can be reached by dialing (928) 329-7564 Full Phone Report, and you could get in touch with their sales team in 500 West 24th St, Yuma, Arizona AZ 85364. Visit their website at: firstinterstatebank.com to know more about the company’s history, products and services, as well as frequently asked questions and privacy policies.

Special deals are also offered from time to time. Their professional and honest business transactions fortifies both consumers and businesses in their B2B segments.

Their modest but solid branch houses 1 to 4 staff members. All are benefiting from the company’s generous programs and sound training solutions.

You can learn more by checking their classification codes: SIC – 6099 and NAIC – 522320. Call the hotline stated above for faster transaction and queries. First Interstate Bank would like to hear from you.

Источник: http://www.smallbusinessdb.com

Great Western and First Interstate banks to merge

Two of the largest banks in the western half of the US announced on Thursday that they plan to merge in a $2bn (£1.45bn) all-stock deal.

Pending regulatory approval, Great Western Bancorp and First Interstate Bank (FIB) will combine to operate under the FIB name.

The merger will create a bank with a network of more than 300 locations spread across 14 states and assets totalling more than $32bn.

Shares of FIB were down more than 5.7% by mid-day, reaching $40.03 per share.

Shares of GWB traded 13.5% higher on the news, hitting $32.48 per share by mid-day.

Key Attractions

According to a press release, there were four key attractions between GWB and FIB: strategic positioning, financial impacts, enhanced leadership and a shared commitment to local communities.

For example, GWB expanded its footprint during the Covid-19 pandemic by giving more than $2m to help non-profits that advocate for low-income individuals. On top of that, employees averaged more than 4.5 hours of volunteer work per team member.

Similarly, FIB donated more than $38m to pandemic relief causes and its employees donated more than 145,000 hours of volunteer work.

“This is a transformative moment for our 53-year-old company,” FIBK President and CEO Kevin Riley said in the press release. “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.”

About the banks

FIB is headquartered in Billings, Montana and serves customers in Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The bank has more than $18.9bn in assets as of June.

GWB, on the other hand, holds more than $13bn in assets and has more than 170 branches in nine states: Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. The bank offers a range of financial products through multiple channels, including loan products for retail customers.

Read more: BIS survey underlines banks´ progress

Ready to get started?

Capital.com Download

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Источник: https://capital.com

Billings, Mont.-based First Interstate BancSystem Inc., the parent company of First Interstate Bank, will combine with Sioux Falls, S.D.-based Great Western Bancorp Inc., the parent company of Great Western Bank, in an all‐stock transaction.

Under the terms of the deal, Great Western Bancorpshareholders will receive 0.8425 shares ofFirst Interstate class A common stock for eachGreat Western Bancorpshare they own. The implied total transaction value based on closing prices on Sept. 15 is approximately $2.0 billion, according to a news release.

Following completion of the transaction,Great Western Bancorpshareholders will collectively own 43% of the combined company.

At announcement, S&P Global Market Intelligence calculates the deal value to be 169.25% of common equity, 170.04% of tangible common equity, 15.04% of assets, 17.03% of deposits and 12.13x earnings. The tangible book premium to deposits ratio is 7.02%.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Sept. 15, 2020, and Sept. 15, 2021, averaged 132.04% of book and 147.94% of tangible book and had a median of 15.96x last-12-months earnings on a per-share basis.

Under a conservative set of assumptions, First Interstateexpects the transaction to be 20% accretive to EPS in 2023, assuming the fully phased-in cost synergies. The transaction is expected to be accretive to First Interstate's tangible book value per share and to its tangible common equity to tangible assets ratio.

The deal, which was approved by the boards of both companies, is expected to close during the first calendar quarter of 2022. The conversion of Great Western Bancorp branches to First Interstate branches is expected to take place during the second quarter of 2022.

Under the agreement, Great Western Bancorp will merge into First Interstate, and the combined holding company and bank will operate under the First Interstate name and brand. The combined company's headquarters will remain in Billings, Mont.

Based on S&P Global Market Intelligence data, with the completion of the deal, First Interstate will enter Nebraska with 51 branches to be ranked sixth with a 3.50% share of approximately $79.86 billion in total market deposits, will enter Iowa with 48 branches to be ranked sixth with a 2.95% share of about $113.17 billion in total market deposits and will expand in South Dakota by 37 branches to be ranked fourth with a 0.63% share of roughly $673.4 billion in total market deposits. In addition, the company will enter Colorado with 20 branches to be ranked No. 23 with a 0.70% share of approximately $197.15 billion in total market deposits, will enter Arizona with nine branches to be ranked No. 22 with a 0.33% share of about $199.37 billion in total market deposits and will enter Missouri with six branches to be ranked No. 143 with a 0.08% share of roughly $230.33 billion in total market deposits. It will also enter Kansas with two branches to be ranked No. 110 with a 0.15% share of approximately $97.06 billion in total market deposits, will enter North Dakota with one branch to be ranked No. 72 with a 0.02% share of about $38.42 billion in total market deposits and will enter Minnesota with one branch to be ranked No. 292 with a 0.01% share of roughly $245.15 billion in total market deposits.

Five directors fromGreat Western Bancorpwill join First Interstate's board upon completion of the deal. First Interstate's existing dual-class stock structure will sunset at the record date of its next annual shareholder meeting. At that time, existingFirst Interstate class B common stock will be converted 1:1 into class A common stock, andFirst Interstatewill no longer be a controlled company, according to the news release.

The family of Homer Scott Sr. and Mildred Scott, who founded First Interstate, will remain significant shareholders in First Interstate,and family members will continue to serve in board positions.

Great Western Bancorp's president and CEO, Mark Borrecco, will join the combined company as chief banking officer and will work closely with First Interstate's chief banking officer, Russ Lee, for the transition process.

As part of the deal,First Interstatehas agreed to gift over $20 million to the First Interstate BancSystem Foundation.

Keefe Bruyette & Woods was the lead financial adviser to First Interstate. Barclays also served as a financial adviser to First Interstate, and Davis Polk & Wardwell LLP acted as First Interstate's legal adviser.

Piper Sandler & Co. served as exclusive financial adviser and Wachtell Lipton Rosen & Katz acted as legal adviser to Great Western Bancorp.

Goldman Sachs & Co. LLC acted as financial adviser and Latham & Watkins LLP served as legal adviser to the Scott family First Interstate shareholder group in connection with the transaction.

To use S&P Capital IQ Pro's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

SNL Image

Источник: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/first-interstate-bancsystem-great-western-bancorp-to-combine-in-2b-deal-66630461

871 P.2d 1178 (Ariz.Tax 1994), TX 93-00826, First Interstate Bank of Arizona v. State Dept. of Revenue

Page1178

871 P.2d 1178 (Ariz.Tax 1994)
178 Ariz. 242
FIRST INTERSTATE BANK OF ARIZONA
v.
STATE of Arizona DEPARTMENT OF REVENUE, et al.
No. TX 93-00826.
Tax Court of Arizona.
March 18, 1994

John F. Munger, Tucson, for plaintiff.

Pima County Atty. by Peter E. Pearman, Tucson, for defendant Pima County.

Attorney Gen. by Michael F. Kempner, Phoenix, for defendant State.

OPINION

SCHAFER, Judge.

First Interstate Bank of Arizona is licensed to do banking business in Arizona and

Page1179

[178 Ariz. 243] it has over 40 branch offices in this state. For tax year 1992, the Pima County Assessor taxed all of the bank's personal property as unsecured property. The bank paid the tax but protested, claiming that the property should have been taxed as secured property and because it was not, the bank should get back all the taxes it paid. The Assessor (and the Arizona Department of Revenue) claims it made no mistake; A.R.S. § 42-222 requires a taxpayer to give the Assessor a list of its property, real and personal, and A.R.S. § 42-601 says that if a taxpayer owns less than $200 in real property, its personal property goes onto the unsecured tax roll. This taxpayer, the Assessor says, did not list any real property on its section 42-222 list, and thus, for tax purposes, did not, to the Assessor's knowledge, own real property worth more than $200. The bank counters it did own real property and it was worth much more than $200. The issue, then, is whether the Assessor properly placed the personal property on the unsecured list.

First Interstate filed a combined special action and complaint. The Court dismissed the special action and ruled that the case would continue as an appeal (complaint). Each side then filed a motion for summary judgment. In its motion, First Interstate argued a number of things: the property should not have been placed on the unsecured roll; the defendants did not follow section 42-221(B) (which sets a deadline for the assessor to determine what property is subject to taxation) and thus it deprived plaintiff of certain appeal rights; plaintiff was denied the equal protection of the laws; plaintiff was required to pay its taxes prematurely and is entitled to the "lost time value" of the taxes it paid; plaintiff is entitled to a full refund because of the defendants' illegal conduct; and, plaintiff is entitled to attorneys' fees. The County's motion argues that the statutes and the long-standing practice of the county assessors permitted it to place First Interstate's personal property on the unsecured list; but even lacking such authority, the remedy is not a full refund, only the difference between what was paid and what should have been paid had the property been placed on the secured roll.

FACTS

When a taxpayer owns less than $200 worth of real estate in the county the assessor "shall enter" all of the taxpayer's personal property on a list known as "the unsecured personal property tax roll." A.R.S. § 42-601(A). It's the assessor's job to ascertain all property, real and personal, subject to taxation within his county. A.R.S. § 42-221. One way he does that is by "demand[ing] from each person or firm" a "correct list" of all property owned by that person or firm. A.R.S. §§ 42-222(A), 42-223(D). The Department of Revenue has created a form entitled "State of Arizona Business Personal Property Statement" (known by its form number, 82520) for the taxpayer to list property. Real property is recorded on a "secured" roll; personal property whose owner owns less than $200 in real property goes onto an "unsecured" roll.

In this case, as in all other tax cases, the assessor demanded a list of property from First Interstate and received 82520 forms from First Interstate. Section II of the form has...

Источник: https://case-law.vlex.com/vid/871-p-2d-1178-608495058

Great Western Bank to join First Interstate brand in all-stock transaction


First Interstate BancSystems Inc. has entered an agreement with Great Western Bank that will combine the two companies in an all-stock transaction.

Great Western Bank will merge into First Interstate BancSystems Inc., according to a news release. Upon closing the deal, five directors from Great Western Bank will join the First Interstate BancSystems board of directors.

The current president and CEO of Great Western Bank, Mike Borrecco will serve as the chief banking officer for First Interstate. 

First 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. It has locations in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. 

Headquartered in Sioux Falls, Great Western is a full-service, $13 billion regional bank. 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.

All Great Western Bank locations will be rebranded to First Interstate Bank. The transaction will add Sioux Falls; Omaha, Neb.; and Des Moines, Iowa to First Interstate's markets, including various locations in those states. 

"With the addition of Great Western, we will significantly increase the geography, diversification of our franchise ... to states east and south of our current footprint," President and CEO of First Interstate BancSystem Kevin Riley said during a Thursday news conference."These are attractive markets that will present good growth opportunities long into the future."

First Interstate already has markets in Denver; Fort Collins, Colo.; Boise, Idaho; and Spokane, Wash. Riley said the company has "had a great deal of success over the past few years" in those markets.

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. 

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 change, the banks will have low overlap, allowing for minimal impact to employees, officials said Thursday.

It's the sixth merger and acquisition for First Interstate since 2016, and ninth in the company's history. Most recently, the bank system acquired 11 branches from Idaho Independent Bank and three from Community First Bank, both in 2019. First Interstate was founded in 1968 when Homer Scott established First Interstate Bank with his purchase of the Bank of Commerce in Sheridan, Wyo.

In 2008, First Interstate merged with First Western Bank and expanded into markets adjacent to South Dakota. 

First 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.

“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.

Customers can expect no immediate changes to their day-to-day banking, and business will go on as usual. Customers will receive mailings regarding information on the merger as well as information regarding their accounts. 

FacebookTwitterEmail

Источник: https://www.aberdeennews.com/story/business/2021/09/16/great-western-bank-and-first-interstate-bank-announce-merger/8362330002/

FIRST INTERSTATE BANK

Register Data

NameFIRST INTERSTATE BANK
Company TypeProfit
CategoryREG
Company Number604140105
State Of Incorporation
StatusActive
Incorporation Date2017-06-19
Expiration Date2018-06-30
Inactive Date-
Company Age 4 years, 5 months

Description

FIRST INTERSTATE BANK is a Profit from Arizona, United States. The company is Active. FIRST INTERSTATE BANK has the Arizona company number 604140105. It was incorporated 4 years, ago on 19th June 2017.

FIRST INTERSTATE BANK is registered at address , , , . There are 3 officers in this company: KIRK D JENSEN, KEVIN P RILEY, JAMES R SCOTT.

TitleNameAddressCityStatePostcode
GovernorKIRK D JENSENPO BOX 30918BILLINGSMT59116
GovernorKEVIN P RILEYPO BOX 30918BILLINGSMT59116
GovernorJAMES R SCOTTPO BOX 30918BILLINGSMT59116
Источник: https://commercewa.com/c/604140105/first-interstate-bank

First Interstate Bancorp

Defunct American bank holding company

First Interstate Bancorp was a bank holding company based in the United States that was taken over in 1996 by Wells Fargo. Headquartered in Los Angeles, it was the nation's eighth largest banking company.[1]

The name (along with the company logo) has continued to be used in the banking world after the merger by First Interstate BancSystem who had been using the name under a franchise agreement since 1984.

History[edit]

In 1928, Amadeo Giannini, born in California to Italian immigrant parents, formed a holding company, the Transamerica Corporation, to consolidate his existing san jose ca zip code and area code ventures, which began business with $1.1 billion in assets and both banking and non-banking activities. 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.

In 1953, regulators succeeded in forcing first interstate bank of arizona separation of Transamerica Corporation and Bank of America under the Clayton Antitrust Act. 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. § 21, to enforce compliance with Section 7 of the Act, 15 U.S.C.A. § 18.[2]

The Bank Holding Company Act of 1956 placed new restrictions on companies such as Transamerica. Thus Transamerica's banking operations, which included 23 banks in 11 western states, were spun off as Firstamerica Corporation in 1958.[3] Transamerica continued to pursue its insurance and other operations.

Firstamerica (doing business as First Western Bank and First interstate bank of arizona 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. In large part to is walmart burlington open today 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. The bank's financial services network grew through the 1974 founding of the Western Bancorporation Mortgage Company and the 1979 formation of Western Bancorp Venture Capital Company.

During the 1960s, 1970s, and 1980s Western Bancorporation operated in California under the UCB brand. In the early 1970s, noticing Bank of America's (BofA) successful credit card BankAmericard, UCB decided to offer its own card which would be issued locally by individual banks under the name "Master Charge," Later, when BofA spun off its franchised credit card operations to a separate organization named Visa International and changed the card's name to "Visa," UCB did the same thing, spinning off Master Charge to Master Card International and changing the name to MasterCard.

In 1970, their affiliated bank, United California Bank of Basel, Switzerland collapsed after unauthorized trades in cocoa and silver futures. Several of the bank's officers, including President Paul Erdman spent time in jail on fraud charges.[4]

In June 1981 the company changed its name to First Interstate Bancorp.[5] The First Interstate name became a systemwide brand for most of the company's banks, thus promoting greater public recognition of the company and internal consistency. During the 1980s, in addition to acquiring more banks, First Interstate jumped into new areas of financial services as the deregulation of the banking industry progressed. In 1983 the First Interstate Discount Brokerage was set up to provide bank customers with securities and commodities support. In 1984 the bank branched into merchant banking with the purchase of Continental Illinois Ltd. and equipment leasing with the acquisition of the Commercial Alliance Corporation of New York, and broadened its mortgage banking activities by acquiring the Republic Realty Mortgage Corporation. In 1986 and 1987, First Interstate attempted a bold $3.2 billion hostile takeover of the ailing Bank of America, but the bid was successfully defeated.

First Interstate ran into its own troubles in the late 1980s and early 1990s stemming from bad real estate loans and the severe recession in California. The bank posted losses in the hundreds of millions for 1987, 1989, and 1991. Consequently, First Interstate concentrated on rebuilding and rejuvenating its existing operations rather than acquiring new ones. A number of noncore unprofitable subsidiaries were jettisoned, including the equipment leasing unit, a government securities operation, and most of the wholesale banking unit. Rumors of a takeover of First Interstate were rife in the early 1990s before the bank recovered fully by mid-decade under the leadership of Chairman and CEO Edward M. Carson (1929–2010).[6][7] In 1994, they acquired 15 branches in Washington from the failed Great American Bank.[8]

Despite First Interstate's healthier condition, and with the banking industry consolidation in full swing, Wells Fargo made a hostile bid for First Interstate in October 1995 initially valued at $10.8 billion. Other banks came forward as potential 'white knights,' including Norwest Corporation, Bank One Corporation, and First Bank System. The latter made a serious bid for First Interstate, with the two banks reaching a formal merger agreement in November valued initially at $10.3 billion. But First Bank first interstate bank of arizona into regulatory difficulties with the way it had structured its offer and was forced to bow out of the takeover battle in mid-January 1996. Talks between Wells Fargo and First Interstate then led within days to a merger agreement for $11.3 billion in stock.[9] Wells Fargo completed the acquisition on April 1, 1996 and announced the elimination of 7,200 jobs.[10]

First Interstate Bancorp's stock was traded on the New York Stock Exchange under the stock symbol "I".[11]

In 1984, First Interstate BancSystem of Montana entered into a franchise agreement with First Interstate Bancorp of California to use the First Interstate Bank name and logo. In 1996 when First Interstate Bancorp was split up, the Montana organization successfully negotiated to retain the well known First Interstate name and logo. First Interstate BancSystem continues to offer banking in Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming.[12]

1986 bank heist[edit]

In June 1986, a highly trained group, called the "Hole in the Ground" crew by the media, tunneled under the First Interstate Bank in Hollywood at Spaulding Avenue and First interstate bank of arizona Boulevard through an extensive network of tunnels over the course of several months and took about US$270,000 (equivalent to $640,000 in 2020) in cash and the contents of 36 safety deposit boxes valued at US$2,500,000 (equivalent to $5,900,000 in 2020). The group san jose earthquakes academy all-terrain vehicles through the underground storm drain system of Los Angeles, and used gas-powered generators, hammer drills, power saws, and digging equipment to tunnel 100 ft (30 m) up into the bank's vault.[13][14]

1992 Victorville Bank Bust[edit]

On January 24, 1992 four robbers wearing boiler suits and ski mask and brandishing AK-47s broke into the Interstate Bank in Victorville across the street from the mall. The robbers ran off with US$331,951 (equivalent to $612,185 in 2020) in cash and lead the Victorville Police in the longest high speed chase at the time. Two hours after the robbery the police arrested Gerry Edward Alexander, getaway driver Jon Harrington, and robbers Anthony Hicks and Willie Harris and sentenced them to 30 years in prison. This robbery is the subject of crime drama Rescue 911 and was shown in the episode of the same name.[15]

See also[edit]

References[edit]

  1. ^Adelson, Andrea (1988-09-23). "First Interstate Plans To Spin Off 'Bad' Bank". The New York Times. Retrieved 2008-10-03.
  2. ^"206 F.2d 163 Transamerica Corp. v. Board of Governors of Federal Reserve System. No. 10768". United States Court rental properties nags head north carolina Appeals for the Third Circuit. Public.Resource.Org. 16 July 1953. Archived from the original on 30 August 2009. Retrieved 15 May 2009.
  3. ^"Firstamerica Corp. Now an Independent Company". Los Angeles Times. July 2, 1958. p. 19. Alternate Link via ProQuest.
  4. ^Smith, Adam (September 4, 1972). "How My Swiss Bank Blew $40 million And Went Broke". New York Magazine. pp. 23–32 – via Google Books.
  5. ^"Western Bancorporation officially became First Interstate Bank Monday with.". United Press International. June 1, 1981.
  6. ^McCarthy, Edward J. (March 1, 1994). "Edward M. Carson". Chief Executive magazine. Archived from the original on March 4, 2016. Retrieved August 20, 2015.
  7. ^"Edward Carson dies at 80; former head of First Interstate Bancorp". Los Angeles Times. March 24, 2010. Retrieved August 20, 2015.
  8. ^"Banc One, 1st Interstate buy Great American branches". American Banker. May 17, 1994. Retrieved December 7, 2020.
  9. ^"First Interstate Decides To Talk To Wells Fargo -- First Bank's Bid Suffers Second Blow". The Seattle Times. Bloomberg Business News. 1996-01-22. Retrieved 2008-10-03.
  10. ^"Plus Business: Wells Fargo to Cut 7,200 Jobs". Chicago Sun-Times. April 1, 1996. p. 4.
  11. ^"First Interstate Gives Up Its 'I' For A Ride With Wells Fargo". Orlando Sentinel. February 16, 1996.
  12. ^"First Interstate Bank Locations". First Interstate Bank. First Interstate BancSystems. Retrieved 10 May 2009.
  13. ^Harvey, Steve (27 December 2009). "Boring thieves had tunnel visions". The Los Angeles Times. Retrieved 8 November 2013.
  14. ^Manaugh, Geoff (Spring 2013). "Forensic Topology". Cabinet. Death. Immaterial Inc. (49). Retrieved 8 November sbi net banking registration online using debit card United States Ninth Circuit case and opinions". Findlaw. Retrieved 2020-09-16.

External links[edit]

Источник: https://en.wikipedia.org/wiki/First_Interstate_Bancorp

Billings, Mont.-based First Interstate BancSystem Inc., the parent company of First Interstate Bank, will combine with Sioux Falls, S.D.-based Great Western Bancorp Inc., the parent company of Great Western Bank, in an all‐stock transaction.

Under the terms of the deal, Great Western Bancorpshareholders will receive 0.8425 shares ofFirst Interstate class A common stock for eachGreat Western Bancorpshare they own. The implied total transaction value based on closing prices on Sept. 15 is approximately $2.0 billion, according to a news release.

Following completion of the transaction,Great Western Bancorpshareholders will collectively own 43% of the combined company.

At announcement, S&P Global Market Intelligence calculates the deal value to be 169.25% of common equity, 170.04% of tangible common equity, 15.04% of assets, 17.03% of deposits and 12.13x earnings. The tangible book premium to deposits ratio is 7.02%.

S&P Global Market Intelligence valuations for bank and thrift targets in the Midwest region between Sept. 15, 2020, and Sept. 15, 2021, averaged 132.04% of book and 147.94% of tangible book and had a median of 15.96x last-12-months earnings on a per-share basis.

Under a conservative set of assumptions, First Interstateexpects the transaction to be 20% accretive to EPS in 2023, assuming the fully phased-in cost synergies. The transaction is expected to be accretive to First Interstate's tangible book value per share and to its tangible common equity to tangible assets ratio.

The deal, which was approved by the boards of both companies, is expected to close during the first calendar quarter of 2022. The conversion of Great Western Bancorp branches to First Interstate branches is expected to take place during the second quarter of 2022.

Under the agreement, Great Western Bancorp will merge into First Interstate, and the combined holding company and bank will operate under the First Interstate name and brand. The combined company's headquarters will remain in Billings, Mont.

Based on S&P Global Market Intelligence data, with the completion of the deal, First Interstate will enter Nebraska with 51 branches to be ranked sixth with a 3.50% share of approximately $79.86 billion in total market deposits, will enter Iowa with 48 branches to be ranked sixth with a 2.95% share of about $113.17 billion in total market deposits and will expand in South Dakota by 37 branches to be ranked fourth with a 0.63% share of roughly $673.4 billion in total market deposits. In addition, the company will enter Colorado with 20 branches to be ranked No. 23 with a 0.70% share of approximately $197.15 billion in total market deposits, will enter Arizona with nine branches to be ranked No. 22 with a 0.33% share of about $199.37 billion in total market deposits and will enter Missouri bank of america richland wa six branches to be ranked No. 143 with a 0.08% share of roughly $230.33 billion in total market deposits. It will also enter Kansas with two branches to be ranked No. 110 with a 0.15% share of approximately $97.06 billion in total market deposits, will enter North Dakota with one branch to be ranked No. 72 with a 0.02% share of about $38.42 billion in total market deposits and will enter Minnesota with one branch to be ranked No. 292 with a 0.01% share of roughly $245.15 billion in total market deposits.

Five directors fromGreat Western Bancorpwill join First Interstate's board upon completion of the deal. First Interstate's existing dual-class stock structure will sunset at the record date of its next annual shareholder meeting. At that time, existingFirst Interstate class B common stock will be converted 1:1 into class A common stock, andFirst Interstatewill no longer be a controlled company, according to the news release.

The family of Homer Scott Sr. and Mildred Scott, who founded First Interstate, will remain significant shareholders in First Interstate,and family members will continue to first interstate bank of arizona in board positions.

Great Western Bancorp's president and CEO, Mark Borrecco, will join the combined company as chief banking officer and will work closely with First Interstate's chief banking officer, Russ Lee, for the transition process.

As part of the deal,First Interstatehas agreed to gift over $20 million to the First Interstate BancSystem Foundation.

Keefe Bruyette & Woods was the lead financial adviser to First Interstate. Barclays also served as a financial adviser to First Interstate, and Davis Polk & Wardwell LLP acted as First Interstate's legal adviser.

Piper Sandler & Co. served as exclusive financial adviser and Wachtell Lipton Rosen & Katz acted as legal adviser to Great Western Bancorp.

Goldman Sachs & Co. LLC acted as financial adviser and Latham & Watkins LLP served as legal adviser to the Scott family First Interstate shareholder group in connection with the transaction.

To use S&P Capital IQ Pro's branch analytics tools to compare market overlap, click here. To create custom maps, click here.

SNL Image

Источник: https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/first-interstate-bancsystem-great-western-bancorp-to-combine-in-2b-deal-66630461

871 P.2d 1178 (Ariz.Tax 1994), TX 93-00826, First Interstate Bank of Arizona v. State Dept. of Revenue

Page1178

871 P.2d 1178 (Ariz.Tax 1994)
178 Ariz. 242
FIRST INTERSTATE BANK OF ARIZONA
v.
STATE of Arizona DEPARTMENT OF REVENUE, et al.
No. TX 93-00826.
Tax Court of Arizona.
March 18, 1994

John F. Munger, Tucson, for plaintiff.

Pima County Atty. by Peter E. Pearman, Tucson, for defendant Pima County.

Attorney Gen. by Michael F. Kempner, Phoenix, for defendant State.

OPINION

SCHAFER, Judge.

First Interstate Bank of Arizona is licensed to do banking business in Arizona and

Page1179

[178 Ariz. 243] it has over 40 branch offices in this state. For tax year 1992, the Pima County Assessor taxed all of the bank's personal property as unsecured flights to san jose. The bank paid the tax but protested, claiming that the property should have been taxed as secured property and because it was not, the bank should get back all the taxes it paid. The Assessor (and the Arizona Department of Revenue) claims it made no mistake; A.R.S. § 42-222 requires a taxpayer to give the Assessor a bank of america visa login credit card of its property, real and personal, and A.R.S. § 42-601 says that if a taxpayer owns less than $200 in real property, its personal property goes onto the unsecured tax roll. This taxpayer, the Assessor says, did not list any real property on its section 42-222 list, and thus, for tax purposes, did not, to the Assessor's knowledge, own real property worth more than $200. The bank counters it did own real property and it was worth much more than $200. The issue, pnc infratech ltd contact number, is whether the Assessor properly placed the personal property on the unsecured list.

First Interstate filed a combined special action and complaint. The Court dismissed the special action and ruled that the case would continue as an appeal (complaint). Each side then filed a motion for summary judgment. In its motion, First Interstate argued a number of things: the property should not have been placed on the unsecured roll; the defendants did not follow section 42-221(B) (which sets a deadline for the assessor to determine what property is subject to taxation) and thus it deprived plaintiff of certain appeal rights; plaintiff was denied the equal protection of the laws; plaintiff was required to pay its taxes prematurely and is entitled to the "lost time value" of the taxes it paid; plaintiff is entitled to a full refund because of the defendants' illegal conduct; and, plaintiff is entitled to attorneys' fees. The County's motion argues that the statutes and the long-standing practice of the county assessors permitted it to place First Interstate's personal property on the unsecured list; but even lacking such authority, the remedy is not a full refund, only the difference between what was paid and what should have been paid had the property been placed on the secured roll.

FACTS

When a taxpayer owns less than $200 worth of real estate in the county the assessor "shall enter" all of the taxpayer's personal property on a list known as "the unsecured personal property tax roll." A.R.S. § 42-601(A). It's the assessor's job to ascertain all property, real and personal, subject to taxation within his county. A.R.S. § 42-221. One way he does that is by "demand[ing] from each person or firm" a "correct list" of all property owned by that person or firm. A.R.S. §§ 42-222(A), 42-223(D). The Department of Revenue has created a form entitled "State of Arizona Business Personal Property Statement" (known by its form number, 82520) for the taxpayer to list property. Real property is recorded on a "secured" roll; personal property whose owner owns less than $200 in real property goes onto an "unsecured" roll.

In this case, as in all other tax cases, the assessor demanded a list of property from First Interstate and received 82520 forms from First Interstate. Section II of the form has.

Источник: https://case-law.vlex.com/vid/871-p-2d-1178-608495058

FIRST INTERSTATE BANCORP History



Address:

707 Wilshire Boulevard
Los Angeles
California
90017
United States


Telephone:(213) 614-3001

Public Company
Incorporated:1957 as Firstamerica Bancorporation
Employees: 36,980
Assets: $58.2 billion
Stock Index: New York Pacific Boston Midwest Philadelphia Cincinnati Amsterdam Frankfurt

Company History:

First Interstate Bancorp is one of the largest bank holding companies in the United States. The company's 55 banks collectively operate 1,033 branches in 13 states, giving it the widest geographical coverage of any banking company in the country. First Interstate is a familiar name to literally millions of Americans who bank there. In the 1980s, the company took advantage of banking deregulation to enter a variety of financial services, including discount securities broking, venture capital activities, and mortgage banking.

First Interstate's history parallels the evolution of banking in the United States. Its major restructurings have usually gone hand in hand with governmental restrictions or critical trends in the banking industry. The company known as First Interstate today was once the Western Bancorporation, and before that the Firstamerica Bancorporation, but its roots go deeper still. Firstamerica was a spinoff of the banking interests of the Transamerica Corporation. Transamerica's origins can be traced to 1904, when A.P. Giannini opened the Bank of Italy in San Francisco with $150,000.

Giannini was a unique figure in the history of American banking. Born in San Jose, California in 1870, Giannini spent much of his youth traveling first interstate bank of arizona the state as a produce buyer for his step-father's distributing firm. Giannini's extensive contact with small merchants drew his attention to the need these businessmen had for financing. Banking at that time was primarily a service for big business. Giannini decided to pursue the business of these "little people," a strategy that paid off handsomely. By 1909, Giannini's Bank of Italy had more than $2.5 million at its disposal.

Giannini remained an outsider from the traditional American banking establishment. The financier's somewhat unorthodox methods were viewed as a threat by many established bankers close savings account ally the day. As a result, when Giannini went to New York to expand his empire into the nation's financial center, he found a number of obstacles placed in his way. In 1918, Giannini and a group of Italian investors pooled $1.5 million to establish the BancItaly Corporation in New York City. Over the next nine years, BancItaly acquired five New York banks, including one called Bank of America. When Giannini tried to consolidate his BancItaly holdings under the Bank of America charter, the Federal Reserve Bank of New York unexpectedly denied his petition unless he and his associates agreed to divest certain holdings within six months. It was the first time the Federal Reserve had placed such a stipulation on any national bank with a clean bill of health. Although it was never proven, suspicion arose that the move was engineered by the powerful eastern banking malco cinema fort smith ar. Giannini was forced to agree to the conditions imposed by the Federal Reserve: to back out of the consolidation at the eleventh hour might have shaken public confidence in the bank.

In 1928, soon after the Federal Reserve's orders were carried out, Bank of Italy and BancItaly stocks were dumped on Wall Street by Giannini's banking rivals in order to lower the value of the Californian's banks. Giannini organized a holding company, the Transamerica Corporation, to prevent further manipulation of the stocks' prices. Shares in the new company were issued in exchange for Bank of Italy and BancItaly Corporation shares. The new company engaged in both banking and non-banking activities to spread out risk. With $1.1 billion in assets, Transamerica was a major force in banking from the day it began business.

Transamerica set out to build a national banking system. In 1930, Transamerica merged the Bank of America of California and the Bank of Italy, creating the Bank of America National Trust and Savings Association. This new hybrid, with assets of $1 billion, was the fourth largest bank in the country.

Transamerica began to acquire the banks that would eventually form the core of the First Interstate Bancorporation as early as 1930. During the following decade, Transamerica acquired a number of banks and other financial corporations throughout the western United States. By the end of the decade the company had banks in California, Nevada, Oregon, Washington, and Arizona, as well as New York. Giannini's goal was to unite all of the banks under one umbrella, thereby creating a truly national branch banking system as soon as federal regulations would allow it. The Depression, however, brought more stringent banking regulations as the nation's banks were reorganized during Franklin Roosevelt's "bank holiday." Nonetheless, Chase bank sign in online banking continued its banking operations throughout the 1930s and at the same time expanded its nonbanking activities.

In 1937, Transamerica divested a majority of its shares in the Bank of America. The company continued to hold its wabi tv5 weather bangor maine banks, and added considerably to its bank holdings throughout the next decade. In 1948, the Federal Reserve filed a suit against Transamerica charging that the company's interstate banking affiliations constituted a potential monopoly. The case was resolved in 1953, when a U.S. Court of Appeals ruled that Transamerica's holdings did not consitute a monopoly.

A. P. Giannini died in 1949 and was succeeded as Transamerica chairman by Frank N. Belgrano, who continued Giannini's policies of growth. Transamerica had steadily invested in various insurance companies since the 1930s, and by 1950, the company was aimed more in that direction than in the direction of interstate banking. Belgrano, however, refreshed Transamerica's bank acquisition policies. In the next several years, Belgrano took Transamerica on an acquisition spree; by the mid-1950s, the company had significant new holdings in Colorado, Idaho, Montana, New Mexico, Utah, and Wyoming.

The Bank Holding Company Act of 1956 placed new restrictions on companies like Transamerica. As a result of this legislation, Belgrano separated Transamerica's banking from its non-banking holdings. Transamerica pursued its insurance and other operations while ownership of what is the money in the bank wwe of Transmamerica's banks in 11 western states were transferred to the new Firstamerica Corporation. All of Firstamerica's shares were distributed to Transamerica shareholders in equal proportion to their Transamerica holdings. By 1959 the two organizations were completely separate.

In 1959, Frank King joined Firstamerica with the acquisition of the California Bank. King became chairman of Firstamerica, guiding its growth for the next ten years. In 1961, Firstamerica changed its name to Western Bancorporation. Under King's direction the company expanded steadily throughout the 1960s, both domestically and overseas. The United California Bank, which had been formed when the California Bank and the First Western Bank and Trust Company merged in 1961, was the jewel in Western's crown at this time. By the end of the decade, Western Bancorporation had assets of more than $10 billion.

In 1972, Frank King retired and Clifford Tweter became chairman of Western's board of directors. At the same time Ralph J. Voss became the company's president. These two engineered further expansion of the holding company's financial services network. The Western Bancorporation Mortgage Company was founded in 1974. A year later, Western Bancorporation Data Processing Company was launched to tackle some of the problems related to the explosive growth of Western's banking operations. In order to improve up-to-the-minute information on Western's millions of customer accounts, the data processing company developed the Teller Item Processing Systems (TIPS). By 1985, this system was processing 750,000 transactions per day.

In 1978, United California Bank's president, Joseph J. Pinola, joined Western Bancorporation as chairman and CEO. He inherited a decentralized collection of banks, many of first interstate bank of arizona had their own operating procedures and first interstate bank of arizona strategies. Pinola centralized Western's strategic planning, but left day-to-day decisions in the hands of the individual banks. In 1979, the Western Bancorp Venture Capital Company was formed, further diversifying the financial operations of Western Bancorporation.

In June of 1981, the company changed its name to First Interstate Bancorp. About 900 banking offices throughout 11 states, as well as 40 overseas offices, now identified themselves as First Interstate banks. The move was designed to promote greater public recognition and internal consistency.

The 1980s fidelity near me a time of rapid change in the banking industry. First Interstate Bancorp introduced the nation's first bank franchise program. Franchisees were entitled to use the First Interstate name, advertising, computer services, and other common products while maintaining local control over operations. At the same time the how can i pay my sprint bill from my phone continued its strategy of growth by acquisition. In 1983, it acquired IntraWest Bank of Denver, which was merged into the First Interstate Bank of Colorado, making it the state's largest, with assets in excess of $2.4 billion.

First Interstate jumped into new financial services as soon as the banking deregulation measures of the 1980s allowed. In 1982, the bank participated with 12 other banks in american bank of commerce online creation of the Cirrus automated teller machine (ATM) network. In 1983, the First Interstate Discount Brokerage was set up to provide bank customers with securities and commodities support. Spoor Behrins Campbell and Young, a financial planning company, was also acquired in 1983.

In 1984, First Interstate branched into merchant banking with the purchase of Continental Illinois Ltd.; equipment leasing with the acquisition of the Commercial Alliance Corporation of New York; and broadened its mortgage banking activities by acquiring the Republic Realty Mortgage Corporation. In January, 1985 First Interstate's flagship, the First Interstate Bank of California, split its operations into two separate units. First Interstate Bank of California served individuals and small- and medium-sized businesses, while a new bank, First Interstate Bank Ltd., provided banking services to large corporate customers.

The bank failures of the mid-1980s gave First Interstate the opportunity to acquire a number of banks in need of repair. In 1986 it bought the First National Bank and Trust of Oklahoma City, which had failed because of an unexpected downturn in the energy and real estate first bank routing number colorado springs, and reopened it under the First Interstate name. The company acquired failed banks in three other states as well.

In 1986 and 1987, First Interstate Bancorp made a bold attempt to take over the ailing Bank of America. Bank of America's heavy exposure to Third World debt and to the troubled energy and real estate industries in the U.S. had taken a heavy toll; the bank lost $1.8 billion between 1985 and 1988. Nevertheless, Bank of America fought First Interstate's takeover bid with determination and was ultimately successful.

First Interstate soon had its hands full with its own problems. In 1987, First Interstate Bank of Texas encountered serious problems with bad debt. This subsidiary bank, like many others, had loaned heavily to the energy and real estate industries, and was unprepared for the sudden downturn. The situation in Texas prompted First Interstate chairman Joe Pinola to take a closer look at his company's operations. He responded by trimming 8% of the workforce and seeking buyers for unprofitable subsidiaries, among them First Interstate's mortgage banking unit.

In 1988, First Interstate recorded substantial losses. In the last two years of the decade, the company focused on rebuilding and rejuvenating its existing operations rather than on acquiring new ones. Continued deregulation of financial service markets will provide new opportunities for First Interstate Bancorp, and the company that was transformed along with the banking industry will undoubtedly continue to adapt to change.

Principal Subsidiaries: First Interstate Bancard Co., N.A.; First Interstate Bank of Arizona; First Interstate Bank of California; First Interstate Bank International; First Interstate Bank of Denver; First Interstate Bank, Ltd.; First Interstate Bank of Nevada, N.A.; First Interstate Bank of Oklahoma, N.A.; First Interstate Bank of Oregon, N.A.; First Interstate Bank of Utah, N.A.; First Interstate Bank of Washington, N.A.; First Interstate Bancard Co.; First Interstate Discount Brokerage Co.; First Interstate Life Insurance Co.

Further Reading:

Koster, George H. The Transamerica Story, San Francisco, Transamerica Corp., 1978. First Interstate Bancorp: A Brief History, Los Angeles, First Interstate Bancorp, 1986.

Source: International Directory of Company Histories, Vol. 2. St. James Press, 1990.

Источник: http://www.fundinguniverse.com/company-histories/first-interstate-bancorp-history/

FIRST INTERSTATE BANK

Register Data

NameFIRST INTERSTATE BANK
Company TypeProfit
CategoryREG
Company Number604140105
State Of Incorporation
StatusActive
Incorporation Date2017-06-19
Expiration Date2018-06-30
Inactive Date-
Company Age 4 years, 5 months

Description

FIRST INTERSTATE BANK is a Profit from Arizona, United States. The company is Active. FIRST INTERSTATE BANK has the Arizona company number 604140105. It was incorporated 4 years, ago on 19th June 2017.

FIRST INTERSTATE BANK is registered at address,. There are 3 officers in this company: KIRK D JENSEN, KEVIN P RILEY, JAMES R SCOTT.

TitleNameAddressCityStatePostcode
GovernorKIRK D JENSENPO BOX 30918BILLINGSMT59116
GovernorKEVIN P RILEYPO BOX 30918BILLINGSMT59116
GovernorJAMES R SCOTTPO BOX 30918BILLINGSMT59116
Источник: https://commercewa.com/c/604140105/first-interstate-bank

Great Western Bank to join First Interstate brand in all-stock transaction


First Interstate BancSystems Inc. has entered an agreement with Great Western Bank that will combine the two companies in an all-stock transaction.

Great Western Bank will merge into First Interstate BancSystems Inc., according to a news release. Upon closing the deal, five directors from Great Western Bank will join the First Interstate BancSystems board of directors.

The current president and CEO of Great Western Bank, Mike Borrecco will serve as the chief banking officer for First Interstate. 

First 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. It has locations in Idaho, Montana, Oregon, South Dakota, Washington and Wyoming. 

Headquartered in Sioux Falls, Great Western is a full-service, $13 billion regional bank. 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.

All Great Western Bank locations will be rebranded to First Interstate Bank. The at home nursing jobs near me will add Sioux Falls; Omaha, Neb.; and Des Moines, Iowa to First Interstate's markets, including various locations in those states. 

"With the addition of Great Western, we will significantly increase the geography, diversification of our franchise . to states east and south of our current footprint," President and CEO of First Interstate BancSystem Kevin Riley said during a Thursday news conference."These are attractive markets that will present good growth opportunities long into the future."

First Interstate already has markets in Denver; Fort Collins, Colo.; Boise, Idaho; and Spokane, Wash. Riley said the company has "had a great deal of success over the past few years" in those markets.

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. 

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 change, the banks will have low overlap, allowing for minimal impact to employees, officials said Thursday.

It's the sixth merger and acquisition for First Interstate since 2016, and ninth in the company's history. Most recently, the bank system acquired 11 branches from Idaho Independent Bank and three from Community First Bank, both in 2019. First Interstate was founded in 1968 when Homer Scott established First Interstate Bank with his purchase of the Bank of Commerce in Sheridan, Wyo.

In 2008, First Interstate merged with First Western Bank and expanded into markets adjacent to South Dakota. 

First 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.

“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.

Customers can dollar savings bank no immediate changes to their day-to-day banking, and business will go on as usual. Customers will receive mailings regarding information on the merger as well as information regarding their accounts. 

FacebookTwitterEmail

Источник: https://www.aberdeennews.com/story/business/2021/09/16/great-western-bank-and-first-interstate-bank-announce-merger/8362330002/

: First interstate bank of arizona

Rungrado 1st of may stadium
DOES USAA OFFER HOME INSURANCE IN FLORIDA
First interstate bank of arizona

Thematic video

first interstate bank of arizona

5 Replies to “First interstate bank of arizona”

  1. Hey, Michael thanks for this video, been looking into opening a business checking account. What do you recommend? Is Discover still good for biz accounts?

Leave a Reply

Your email address will not be published. Required fields are marked *