BILLINGS – Billings-based First Interstate BancSystem Inc. says it plans to sell some of its stock shares to the public.
The financial institution filed for a proposed initial public offering with the Securities and Exchange Commission to offer shares of its Class A common stock. The statement was registered Friday, and the SEC says the filing was accepted just before 5:20 p.m.
Bank officials declined to say how many shares would be offered, their price, or how much First Interstate hoped to raise through the sales.
First Interstate President and CEO Lyle Knight says the proposal will not change the tradition of the bank operating as a “family business.” The bank was founded in 1968 and has more than 60 branches in Montana, Wyoming and South Dakota.