First Interstate BancSystem, Inc. (NASDAQ: FIBK) has announced the upcoming retirement of President and Chief Executive Officer Kevin P. Riley. Riley, who has served as president and CEO since 2015, will continue in his role until a successor is appointed. Under his leadership, the company has experienced significant growth, expanding from a $7 billion community bank in three states to an over $30 billion regional community bank covering a 14-state footprint.
In terms of financial performance, First Interstate BancSystem, Inc. has a strong balance sheet supported by a diverse loan portfolio, a robust capital position, and deep liquidity. The company operates banking offices and detached drive-up facilities in communities across 14 states, offering a comprehensive range of banking products and services including online and mobile banking.
The board of First Interstate BancSystem, Inc. has initiated a search for Riley's successor and has retained a leading global executive recruiting firm to lead the search. The company's priority is to identify a leader who embodies their culture of integrity, understands the communities they serve, and has the ability to continue growing the organization, delivering value to shareholders, and executing the long-term vision for the company.
The market has reacted to these announcements by moving the company's shares -3.1% to a price of $25.18. If you want to know more, read the company's complete 8-K report here.
