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Bank receives 'outstanding' rating for community efforts
Apr 10, 2014 - From staff reports
First Interstate Bank has received an "outstanding" rating by the Federal Reserve for its efforts in serving low and moderate income communities.
The Federal Reserve examines First Interstate's community reinvestment activities every two years as part of the federal Community Reinvestment Act. Enacted in 1977, the Community Reinvestment Act requires banks to meet the credit needs of the communities they serve, including low and moderate income communities. Only 11 percent of Federal Reserve banks are rated "outstanding," which is the highest rating the Federal Reserve can give. First Interstate has received four consecutive "outstanding" ratings.
"Community reinvestment is an integral part of our values and vision here at First Interstate," said Ed Garding, president and CEO of First Interstate BancSystem, Inc. "This rating represents how committed we are to meeting the needs of the communities we serve."
During its exam, the Federal Reserve reviewed First Interstate's lending, investment and services provided throughout Montana, Wyoming and South Dakota. The "outstanding" rating means that First Interstate has an excellent distribution of loans among low and moderate income areas and people, has been very responsive to the convenience and service needs of its communities, and has actively invested in the community and economic revitalization efforts in its service area.
First Interstate Bank is a $7.6 billion community banking organization operating 74 banking offices, along with online and mobile banking services, throughout Montana, Wyoming and South Dakota.