First Interstate BancSystem, a bank holding company, is expected to raise about $130 million in an Initial public Offering on the NASDAQ Stock Market this week. For More information regarding First Interstate BancSystem, make sure to visit the Most Exclusive and In Depth newsletter website at: http://www.wallstreetgrand.com/.
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First Interstate BancSystem, a bank holding company, is expected to raise about $130 million in an Initial public Offering on the NASDAQ Stock Market this week.
First Interstate plans to sell 8.7 million shares anywhere from $14 to $16 per share, according to a filing with the Securities and Exchange Commission. At the midpoint of that range, the bank would raise gross proceeds of $130.5 million. After expenses, the company expects proceeds of about $119.6 million, or $137.8 million if underwriters exercise an option to buy additional 1.3 million shares.
The regional bank, based in Billings, Mont., has 72 branches in Montana, Wyoming and western South Dakota. The company said it earned $50.4 million, or $1.59 per share, in 2009.
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