First Interstate BancSystem, which operates a financial and bank holding company in Montana, Wyoming and South Dakota, announced terms for its IPO on Wednesday. The Billings, MT-based company plans to raise $131 million by offering 8.7 million shares at a price range of $14-$16. At the mid-point of the proposed range, First Interstate BancSystem will command a market value of roughly $600 million. First Interstate BancSystem, which was founded in 1968, had consolidated assets of $7.1 billion, deposits of $5.8 billion, loans of $4.5 billion and stockholders' equity of $574 million as of December 2009. The bank holding company plans to list on the NASDAQ under the symbol FIBK. Barclays Capital is the lead underwriter on the deal, for which timing was not disclosed.
