BILLINGS, Mont.–(BUSINESS WIRE)–First Interstate BancSystem, Inc. (NASDAQ: FIBK) (“FIBK”), parent company of First Interstate Bank, today announced that all outstanding Class B common stock has been automatically converted into common stock of class A at once. for one before the markets open for trading. The conversion had no effect on the economic rights of holders of Class A ordinary shares or Class B ordinary shares; the conversion simply eliminated the different voting powers of the two classes of common stock. FIBK does not expect the conversion to have a material effect on its future business.
The conversion occurred automatically pursuant to FIBK’s Third Amended and Restated Articles of Association, as amended, as the number of its outstanding Class B ordinary shares represented today, the record date to determine the shareholders of FIBK entitled to notice and vote at its next annual meeting of shareholders in 2022, represents less than twenty percent (20%) of the aggregate number of all outstanding Class A and Class B common shares of FIBK. Former holders of Class B common stock now hold Class A common stock with the same voting powers, preferences, rights and qualifications, limitations and restrictions as other holders of Class A common stock. All shares of the FIBK’s outstanding share capital, now comprised solely of Class A common stock, is entitled to one vote per share. FIBK is no longer considered a “controlled company” under applicable NASDAQ stock market rules.
No shareholder action was required in connection with the conversion. All existing share certificates validly issued for Class B ordinary shares of FIBK, if any, will henceforth represent only Class A ordinary shares, and shares held in brokerage accounts or with the transfer from FIBK will automatically be adjusted to reflect the change. As part of the conversion, FIBK’s Class A common stock will continue to trade on the NASDAQ stock market under the symbol “FIBK” and will retain the same CUSIP number previously assigned to the Class A common stock.
About First Interstate BancSystem, Inc.
First Interstate BancSystem, Inc. is a financial and banking holding company focused on community banking. Incorporated in 1971 and based in Billings, Montana, the company operates banking offices, including independent drive-thru facilities, in communities in Arizona, Colorado, Idaho, Iowa, Kansas, Montana, Nebraska, Missouri, Minnesota, North Dakota, Oregon, South Dakota, Washington and Wyoming, in addition to offering online and mobile banking. Through its banking subsidiary, First Interstate Bank, the Company offers a full range of banking products and services to individuals, businesses, municipalities and others in all of the Company’s markets.