MINNEAPOLIS - First Bank System Inc. signed an agreement to sell three Montana insurance agencies and one in Wyoming.

The FBS Insurance agencies are in Billings, Butte, and Helena, Mont., and Worland, Wyo.

The buyers are Patrick McCutcheon, a senior account executive with the Helena agency, and Terry Payne, who owns an agency in Missoula, Mont. Terms were not disclosed.

The agencies, acquired in 1984 and 1985, "were not meeting our minimum risk-adjusted return hurdle rate," said John F. Grundhofer, chairman of Minneapolis-based First Bank.

The company will continue to offer annuities and credit life insurance in Montana through FBS Life Insurance.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.