An initial public offering of shares of First Interstate BancSystem Inc. in Billings, Mont., debuted at $16 on the Nasdaq Wednesday, up 10.3% from the price Tuesday night.

The $7.1 billion-asset company sold 10 million shares of Class A common stock — 1.3 million more than expected — for $14.50 a share. The stock, which is trading under the symbol FIBK, jumped to $16.42 on Wednesday before closing at $15.70.

First Interstate, which operates 72 branches in Montana, Wyoming and South Dakota, is the first bank IPO since 1st United Bancorp of Boca Raton, Fla. — which had been trading on pink sheets — went public in September 2009. The last IPO before that was Encore Bancshares Inc. of Houston in July 2007.

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