First Interstate BancSystem Inc. in Billings, Mont., said it raised $11.8 million of capital in the third quarter.
The $6.3 billion-asset First Interstate sold 153,662 shares of its common stock at $77 each, including 58,799 in a private placement with the Scott family and 94,863 distributed to employees and directors through benefit plans, according to a Securities and Exchange Commission filing last week.
First Interstate, which operates three banks, said the proceeds would be used for working capital and general corporate purposes. The company said it would continue to explore sources of additional capital to support growth and remain well capitalized.
First Interstate says on its Web site that its directors and executive officers — many of them members of the Scott family — own about 61% of its stock.
