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First Interstate BancSystem, Inc. (NASDAQ:FIBK) announced that its wholly owned subsidiary, First Interstate Bank, has completed the previously disclosed sale of 12 branches in Arizona and Kansas to Enterprise Bank & Trust, a subsidiary of Enterprise Financial Services Corp. The transaction closed on Friday.
According to the company’s statement in a press release filed with the Securities and Exchange Commission, the sale includes specified deposits and loans, as well as the owned real estate and fixed and other assets associated with the branches.
The agreement between First Interstate Bank and Enterprise Bank & Trust was previously announced, with the transaction involving the transfer of both assets and liabilities related to the affected locations.
The filing did not disclose financial terms of the transaction or the specific amounts of deposits and loans transferred. No additional operational changes were announced in the filing.
This information is based on a press release statement included in the company’s SEC filing.
In other recent news, First Interstate BancSystem announced a new $150 million stock repurchase program, allowing the company to buy back up to 4.5% of its shares through March 31, 2027. This move was followed by Keefe, Bruyette & Woods reiterating an Outperform rating with a $32.00 price target for the company, reflecting positive sentiment towards the buyback plan. Additionally, DA Davidson raised its price target for First Interstate BancSystem to $38.00, maintaining a Buy rating after engaging with the company’s management team. In another development, the company redeemed all of its outstanding 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030, fulfilling the terms of the original indenture agreement. The redemption was executed at 100% of the principal amount, plus accrued interest. Furthermore, First Interstate BancSystem appointed Renu Agrawal to its board of directors as a Class III director, with her term set to expire in 2027. Agrawal brings extensive experience from her previous roles at Wells Fargo and other organizations. These recent developments highlight significant strategic and financial moves by First Interstate BancSystem.
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