First Interstate to acquire Helena’s Mountain West

First Interstate BancSystem, Inc., of Billings, Mont., has reached an agreement to acquire Helena, Mont.-based Mountain West Financial and its subsidiary bank, the company announced Monday. The transaction is valued at approximately $72.8 million..Upon completion of the merger, First Interstate will have total assets of roughly $8.2 billion and gain the No. 1 deposit market share in the state of Montana..Mountain West Financial is the holding company for Mountain West Bank, National Association. The bank had assets of $647 million as of Sep. 30, 2013, and operates 12 branches throughout central and western Montana..The transaction, unanimously approved by the boards of directors of both companies, is subject to regulatory approval and approval by the shareholders of Mountain West. Completion of the acquisition is expected by midyear.."Like First Interstate Bank, Mountain West Bank is a community bank whose success has been built on a foundation of commitment to its customers and communities," Tom Scott, chairman of First Interstate, said. "Bringing these two companies together gives us the opportunity to expand our state-wide market in Montana and provides us with a solid presence in the Helena market.".First Interstate currently has two branches in the Helena market; Mountain West has five.."We are delighted to be joining the First Interstate organization," said Rick Hart, Mountain West CEO..First Interstate is the parent company of the $7.6 billion First Interstate Bank, also based in Billings. The bank has 74 branches throughout Montana, South Dakota and Wyoming.