Is First Interstate Bank Owned by Wells Fargo?

Is First Interstate Bank Owned by Wells Fargo? First Interstate Bank and Wells Fargo are two well-known banks in the United States, and there has been some confusion regarding whether First Interstate Bank is owned by Wells Fargo.

Today, we will clarify this issue and provide you with a clear understanding of the relationship between these two financial institutions.

Is First Interstate Bank Owned by Wells Fargo?

No, First Interstate Bank is not owned by Wells Fargo. However, there is a history between these two banks that might lead to some misconceptions.

Back in 1996, Wells Fargo acquired First Interstate Bancorp, which was a significant bank holding company based in California. However, it’s important to note that Wells Fargo did not acquire all the banks that were part of First Interstate Bancorp. One of the exceptions was the First Interstate Bank of Montana.

First Interstate Bank of Montana is a community bank with its headquarters in Billings, Montana. It has branches in 14 states across the Western and Midwestern United States. Crucially, First Interstate Bank of Montana continues to be independently owned and operated.

Why is There Confusion About FIB Owned by Wells Fargo?

Several reasons contribute to the confusion surrounding whether First Interstate Bank is owned by Wells Fargo:

Name Similarities: First Interstate Bank of Montana used to be known as First Interstate Bank of Wyoming. In 1984, it entered into a franchise agreement with First Interstate Bancorp. This allowed the bank to use the First Interstate name in Montana and Wyoming. Even after Wells Fargo’s acquisition of First Interstate Bancorp in 1996, this agreement remained in place.

Trademark Ownership: Wells Fargo still holds the trademark for the First Interstate name. Consequently, First Interstate Bank of Montana is required to pay Wells Fargo a licensing fee to continue using this name.

Similar Offerings: Both Wells Fargo and First Interstate Bank of Montana offer a wide array of banking products and services. Additionally, both banks have a strong presence in the Western and Midwestern United States, further contributing to the confusion.

What Does This Mean for You?

If you happen to be a customer of First Interstate Bank of Montana, there’s no need to worry about Wells Fargo taking over your account. First Interstate Bank of Montana maintains its status as an independently owned and operated bank, and this is not expected to change.

Now, Wells Fargo still owns the trademark for the First Interstate name. This means that, theoretically, Wells Fargo could terminate the licensing agreement with First Interstate Bank of Montana in the future. In such a scenario, First Interstate Bank of Montana would need to rebrand itself under a different name.

To sum it up,

First Interstate Bank is not owned by Wells Fargo. While there is a historical connection between the two banks, First Interstate Bank of Montana remains an independent community bank. It’s worth noting that this bank does pay a licensing fee to Wells Fargo for the use of the First Interstate name. However, this arrangement doesn’t imply ownership, and customers of First Interstate Bank of Montana can continue to rely on its services with confidence.