First Interstate BancSystem repurchases 1M shares from Scott family trust for $32.1M

FIRST INTERSTATE BANCSYSTEM INC

1,000,000 shares repurchased at $32.14/share, aggregate $32,140,000, funded with available cash.
Seller is Homer Scott, Jr. Revocable Trust, an affiliate whose beneficiaries include three company directors.
Purpose: fund estate obligations following the recent death of Homer Scott, Jr.
Transaction approved by company's board, bank board, trust beneficiaries, and Federal Reserve non-objection.
Repurchased shares represent ~0.95% of outstanding common stock.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FIRST INTERSTATE BANCSYSTEM INC entered into Repurchase Agreement with Homer Scott, Jr. Revocable Trust dated December 4, 1978, as amended and restated (the "Trust") valued at $32,140,000 (effective 2023-12-14).

Action: entry
Agreement: equity purchase
Counterparty: Homer Scott, Jr. Revocable Trust dated December 4, 1978, as amended and restated (the "Trust")
Value: $32,140,000
Effective: 2023-12-14

Exact text from the filing

On December 14, 2023, First Interstate BancSystem, Inc., a Delaware corporation (the “Company”), entered into an agreement (the “Repurchase Agreement”) with the Homer Scott, Jr. Revocable Trust dated December 4, 1978, as amended and restated (the “Trust”), to purchase from the Trust shares of the Company’s common stock, par value $0.00001 per share (“Common Stock”), owned by the Trust in a private transaction.

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Source: SEC EDGAR

accession 0000860413-23-000202

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