Great Western Bank (1907–2022)

Great Western Bank, whose holding company was Great Western Bancorp, Inc. (NYSE: GWB), was a regional bank based in Sioux Falls, South Dakota, United States. There were over 170 locations in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota. In September of 2021 they announced a merger with First Interstate BancSystem and completed it in February of the following year. Great Western Bank had assets of $12.39 billion at the time of its merger. [2]

For the defunct bank headquartered in California, see Great Western Bank (1919–1997).

Great Western Bancorp, Inc.
Great Western Bank
TypePublic
NYSE: GWB (2004-2022)
IndustryFinancial services
Founded1935 (1935)
DefunctFebruary 1, 2022 (2022-02-01)
FateAcquired by First Interstate BancSystem
SuccessorFirst Interstate Bank
HeadquartersSioux Falls, South Dakota, United States
Key people
Kevin P. Riley, President & CEO
ProductsFinancial services
Total assets$32.00 billion
Number of employees
Nearly 1,500 (2012)[1]
WebsiteLast snapshot of website prior to merger

History

Great Western Bank's charter began in 1935 with the establishment of the Farmers and Merchants Bank in Watertown, South Dakota.[3] The bank's name was changed to Great Western Bank in 2003. It was acquired by National Australia Bank in 2008. In October 2014, NAB began to release its holding through an initial public offering.[4] NAB sold its final listing in July 2015.[5]

In 2010, Great Western took over the failed Lincoln, Nebraska-based TierOne Bank.[6] In November 2015, Great Western announced the acquisition of Sioux Falls-based HF Financial Corp., the parent company of Home Federal Bank.[7]

In 2021, Great Western Bank signed a definitive agreement to merge with Montana-based First Interstate BancSystem.[8] The merger was completed on February 1, 2022, making Great Western an operating division of First Interstate Bank; Great Western locations became First Interstate Bank branches on May 23, 2022.[9][10]

References
  1. "Fact Sheet". Archived from the original on July 19, 2012.
  2. "About Us". Archived from the original on January 5, 2015. Retrieved January 5, 2015.
  3. "About Us". Great Western Bank. Archived from the original on July 13, 2019. Retrieved July 21, 2019.
  4. Yeates, Clancy (July 17, 2015). "Why National Australia Bank's selling final stake in Great Western Bank". Sydney Morning Herald. Retrieved February 14, 2016.
  5. "NAB sells remaining Great Western stake". Sky News Australia. July 29, 2015. Archived from the original on February 23, 2016. Retrieved February 14, 2016.
  6. "Feds close TierOne Bank; S.D. bank assumes deposits". Lincoln Journal Star. June 5, 2010. Retrieved March 7, 2017.
  7. "Great Western Bank to acquire Home Federal Bank". Argus Leader. November 30, 2015. Retrieved March 7, 2017.
  8. Abrego, Trent (September 16, 2021). "Great Western Bank to join First Interstate brand in all-stock transaction". Aberdeen News. Retrieved March 9, 2022.
  9. "First Interstate BancSystem acquires Great Western Bancorp for $2 billion". Banking Exchange. February 2, 2022. Retrieved March 9, 2022.
  10. "Former Great Western Bank branches open today as First Interstate Bank". Des Moines Business Record. May 23, 2022. Retrieved June 8, 2022.
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