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First Interstate Bank may sell public stock by July – Scotts face long odds in trying to pass on business
The Scott family, heirs to the First Interstate Bank http://www.firstinterstatebank.com/ empire and the nearly 500,000-acre Padlock Ranch that sprawls across Wyoming and Montana, considered selling stock to the public in 1999 but backed away.
Now the family has asked for approval from the U.S. Securities and Exchange Commission to sell up to $115 million worth of Class A common stock shares in the bank by mid-July.
In 42 years, Billings-based First Interstate BancSystem Inc. has grown from a single bank in Sheridan, Wyo., to a group of 72 banks in Montana, Wyoming and South Dakota. And, since 1998, the bank’s assets have grown from $2.2 billion to more than $7 billion at the end of 2009.
By JAN FALSTAD Of The Gazette Staff
Full Story: http://www.billingsgazette.com/news/local/article_271a6506-1e86-11df-a9da-001cc4c03286.html
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Scotts face long odds in trying to pass on business
30% of entrepreneurs successfully make the handoff to their kids
By JAN FALSTAD Of The Gazette Staff
Full Story: http://www.billingsgazette.com/news/local/article_9b64feb6-1e87-11df-8b74-001cc4c03286.html
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Few Montana companies have shares traded in public markets
By TOM HOWARD Of The Gazette Staff
If First Interstate BancSystem moves forward with a plan to sell common stock to the public later this year, it will join just a handful of Montana-based companies whose shares are traded on public markets.
Full Story: http://billingsgazette.com/news/state-and-regional/montana/article_05f5cbac-1e88-11df-a367-001cc4c03286.html
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