CEO of First Interstate Bank resigns
Kevin Riley, the CEO of First Interstate Bank, has announced his retirement after leading the bank through significant growth and modernisation. His tenure at the helm of the bank, which operates in 14 states, has seen it transform from a $7 billion community bank to a $30 billion-asset bank.
Riley's journey in the banking sector began prior to joining First Interstate Bank, where he served as executive vice president, CFO, and treasurer of Massachusetts-based Berkshire Bank. He joined First Interstate Bank in 2013 as executive vice president and CFO, and was appointed CEO in 2015.
Under Riley's leadership, the bank has undergone cultural shifts and technological modernization. Notably, the bank closed seven major deals during his time as CEO, including the acquisition of South Dakota-based Great Western Bank in a $2 billion deal last year, adding 170 branches in eight new states to its footprint.
However, no specific details were given about any commercial agreements or transactions other than the sale of the Ketchum, Idaho, branch. It is also worth noting that the bank might have purchased licensing rights for certain operations or services, but without specific details, it's not a standalone fact.
Before Riley's announcement, First Interstate agreed to sell its Ketchum, Idaho, branch to D.L. Evans Bank. The search for Riley's successor has been initiated by First Interstate Bank, with the board hiring a global executive recruiting firm to find the lender's next CEO.
The successor to Riley is James A. Reuter, who is currently serving as the President and Chief Executive Officer of First Interstate BancSystem, Inc. [1] Reuter will take over the reins from Riley, who hasn't ruled out potential future involvement in the banking sector.
In 2021, First Interstate Bank's net income amounted to $257.5 million, up from $202.2 million in 2022. Riley's father, Victor Riley, a longtime CEO of KeyCorp, played a significant role in teaching him about dealmaking, a skill that has served him well during his tenure at First Interstate Bank.
As Riley prepares to step down, he leaves behind a legacy of growth and modernization at First Interstate Bank. His leadership has positioned the bank for continued success in the future.
[1] Source: PR Newswire, 23rd March 2023.
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