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First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced that on Friday its board of directors appointed Renu Agrawal as a Class III director, with a term set to expire at the company’s 2027 annual meeting of shareholders. The appointment fills a vacancy created by the board’s decision to increase its size.
According to the press release statement, Ms. Agrawal brings experience from her 13-year tenure at Wells Fargo, where she led strategic initiatives and managed multiple divisions. She has also held chief operating officer roles at ValleyCrest Companies and Quisic Corporation, began her career as a scientist at Polaroid, and worked at McKinsey. Her previous board service includes positions at Luther Burbank Corporation and Woodruff Sawyer. The appointment comes as First Interstate maintains its 16-year streak of consistent dividend payments, currently offering a 5.75% yield.
The company stated that there was no arrangement or understanding pursuant to which Ms. Agrawal was appointed, and she has not engaged in any related person transactions with the company since the beginning of the last fiscal year.
The board determined that Ms. Agrawal is considered “independent” under NASDAQ Marketplace Rules at the time of her appointment. She will receive the same compensation as other non-employee directors, including restricted stock units, as outlined in the company’s non-employee director compensation program described in its 2025 proxy statement.
Ms. Agrawal has been appointed to serve on the Governance and Nominating Committee and the Technology, Innovation and Operations Committee. Following her appointment, the board consists of 14 members: five Class I directors, four Class II directors, and five Class III directors.
This information is based on a press release statement included in a recent SEC filing.
In other recent news, First Interstate BancSystem reported its financial results for the second quarter of 2025, exceeding earnings expectations with an earnings per share (EPS) of $0.69, while revenue was slightly below projections at $248.3 million. The company announced a new $150 million stock repurchase program, which allows the repurchase of common stock through March 31, 2027. This authorization was followed by Keefe, Bruyette & Woods reiterating an Outperform rating for the company, citing the buyback plan as a positive move. Additionally, First Interstate BancSystem redeemed all of its outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, completing the redemption at 100% of the principal amount. The company also appointed Michael L. Scudder as a Class I director on its board, filling a vacancy created by the board’s expansion. Mr. Scudder brings extensive experience from his previous roles at Old National Bancorp and First Midwest Bancorp. These developments reflect the company’s strategic financial maneuvers and leadership changes.
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