Bank CEO from First Interstate announces resignation
First Interstate Bank Announces CEO Retirement and Successor Search
First Interstate Bank, a leading financial institution operating in 14 states, has announced that CEO Kevin Riley is retiring. The board of directors has enlisted the services of a global executive recruiting firm to find the lender's next CEO.
Kevin Riley joined First Interstate Bank in 2013 as executive vice president and CFO, and was appointed CEO in 2015. During his tenure, the bank underwent significant growth and transformation. First Interstate Bank grew from a $7 billion community bank to a $30 billion-asset bank, and closed seven major deals, including the $2 billion acquisition of South Dakota-based Great Western Bank in 2021, which added 170 branches in eight new states to the bank's footprint.
The acquisition was not the only major event during Riley's tenure. In 2022, First Interstate Bank's net income was $202.2 million, and in 2023, it amounted to $257.5 million. However, there are no search results indicating which global executive search agency First Interstate Bank commissioned to find Riley's successor.
CFO Marcy Mutch stated that under Riley's leadership, the bank underwent cultural shifts and technological modernization. Before Riley's retirement announcement, First Interstate Bank agreed to sell its Ketchum, Idaho, branch to D.L. Evans Bank.
It is not yet clear what Riley's future plans are, but he may potentially have future involvement in the banking sector. The search for Riley's successor has been initiated by First Interstate Bank, and the identity of the new CEO is eagerly awaited by the banking community.
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