The Bank Slate


First Interstate in Montana thins mortgage staff

First Interstate BancSystem in Billings, Mont., laid off 70 mortgage employees in the second quarter.

The $31 billion-asset company said in a press release that the cuts should help it save $6.9 million annually.

Separately, the company said it plans to introduce a new suite of consumer credit cards in August.

“We believe these initiatives will help us to continue growing our customer base and expanding our relationships with existing customers, particularly in our newer markets,” Kevin Riley, First Interstate’s president and CEO, said in the release.

The company’s second-quarter earnings increased by 4.5% from a year earlier, to $67 million, largely reflecting cost control.

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