First Interstate BancSystem (FIBK) in Billings, Mont., will close eight branches after it acquires Mountain West Financial (MTWF) in Helena, Mont.
The $7.6 billion-asset company said in a press release Wednesday that the Mountain West branches it will close are in close proximity to its own branches. The closures are scheduled to take place on Oct. 17. First Interstate did not disclose plans for layoffs, but said that "employees without an opportunity for continued employment will be offered separation pay and outplacement services."
"Having multiple branches located so close to one another following the expected merger is impractical and inefficient," Ed Garding, First Interstate's president and chief executive, said in the release.
First Interstate agreed to buy the $634 million-asset Mountain West in February. The deal is expected to close by the end of this month.
Following the merger, Billings-based First Interstate will have a network of 79 branches across Montana, Wyoming and South Dakota, Garding said.