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First Interstate BancSystem, Inc. (NASDAQ:FIBK), a regional banking institution with a market capitalization of $3.2 billion and currently trading at $30.31, announced the appointment of Michael L. Scudder as a Class I director on its board, effective Wednesday. The bank, which maintains a solid dividend yield of 6.14% and has maintained dividend payments for 16 consecutive years, continues to strengthen its governance structure. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. The appointment fills a vacancy created by the board’s decision to increase its size. Mr. Scudder’s term will expire at the company’s 2028 annual meeting of shareholders.
According to a press release statement included in the company’s SEC filing, Mr. Scudder retired as Executive Chairman of Old National Bancorp in January 2024 after a 38-year career in commercial banking. He previously served as President and Chief Executive Officer of First Midwest Bancorp from 2007 to 2022 and as its board chair since 2017. Mr. Scudder also held the role of Chief Financial Officer at First Midwest Bancorp from 2002 to 2007 and served in other executive leadership positions.
The company stated there was no arrangement or understanding pursuant to which Mr. Scudder was appointed as a director. Since the beginning of the company’s last fiscal year, Mr. Scudder has not engaged in any transaction with First Interstate BancSystem that would be reportable as a related person transaction under SEC regulations.
The board determined that Mr. Scudder is “independent” as defined under applicable NASDAQ Marketplace Rules at the time of his appointment. He will receive the same compensation as other non-employee directors, which includes the issuance of restricted stock units under the company’s director compensation program. Mr. Scudder has not yet been appointed to any board committees.
Following this appointment, First Interstate BancSystem’s board consists of 13 members, with five designated as Class I directors, four as Class II directors, and four as Class III directors.
All information is based on a press release statement contained in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, First Interstate BancSystem reported its financial results for the second quarter of 2025. The company exceeded earnings expectations with an earnings per share (EPS) of $0.69, surpassing the forecasted $0.58. However, revenue did not meet projections, totaling $248.3 million compared to the anticipated $253.14 million. These results highlight a mixed financial performance for the period. Additionally, analysts from various firms have been closely monitoring the company’s financial health. While there have been no specific mentions of upgrades or downgrades, the earnings performance may influence future analyst assessments. Investors are likely to consider both the earnings beat and revenue shortfall in their evaluations. These developments are part of the broader financial landscape affecting First Interstate BancSystem.
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