First Interstate BancSystem, Inc. announced a purchase and assumption agreement to sell twelve banking offices to Enterprise Bank & Trust. The transaction includes ten branches in Arizona and two in Kansas, marking a strategic realignment of First Interstate's branch network.
The divestiture involves the transfer of approximately $740 million in deposits and certain commercially-oriented loans with outstanding balances of roughly $200 million. This move is expected to allow First Interstate to reallocate capital and focus on growth in its core markets where it holds stronger market share.
The transaction is subject to regulatory approval and customary closing conditions, with an anticipated closing by early fourth quarter of 2025. This strategic action aims to enhance capital flexibility and optimize the company's operational footprint.
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