First Interstate Bank Announces New Iowa & Missouri Leadership | Business Record

First Interstate Bank is restructuring its leadership in Iowa and Missouri, a move the bank says is designed to improve responsiveness and tailor services to local markets. The changes, announced on February 13, 2026, come less than four years after the completion of its merger with Great Western Bancorp in 2022.

Jim Miller will serve as state president of Iowa, while John Jennett will hold the same position for Missouri. Steven Frederick has been appointed commercial market president and Kandra Powell will lead as community banking market leader for Central Iowa. These appointments represent a significant realignment within the bank’s regional operations.

The restructuring reflects a broader trend within the banking sector towards greater regionalization and a focus on localized customer service. Banks are increasingly recognizing that a one-size-fits-all approach is insufficient in addressing the diverse needs of different communities and business sectors. This shift is particularly pronounced in regional banks like First Interstate, which operate across multiple states but maintain a strong community focus.

Chris Shepler, First Interstate Bank’s chief banking officer, emphasized the importance of supporting bankers to better serve clients, and communities. “When bankers are supported, clients feel understood, and communities move forward in a sustainable way,” Shepler said in a prepared statement. This statement underscores the bank’s commitment to a relationship-based banking model, where local expertise and personalized service are key differentiators.

The merger with Great Western Bancorp in 2022 created a larger, more geographically diverse institution. First Interstate BancSystem Inc., the parent company of First Interstate Bank, now operates across 14 states in the Western and Midwestern United States, with approximately 307 locations as of 2022. The integration of Great Western Bank’s operations has presented both opportunities and challenges, including the need to streamline processes and align leadership structures.

First Interstate BancSystem, Inc. Was founded in 1968 when Homer Scott, Sr. Acquired the Bank of Commerce in Sheridan, Wyoming. The company has grown through a series of acquisitions and de novo bank openings, establishing a strong presence in the Mountain West and expanding into the Midwest. As of 2021, the company reported total assets of approximately US$32.06 billion and net income of US$192 million.

The bank’s financial performance in recent years has been solid, with revenue of US$656 million and operating income of US$259 million in 2021. However, like other banks, First Interstate faces challenges from rising interest rates, increased competition from fintech companies, and evolving regulatory requirements. The leadership restructuring is, in part, a response to these challenges, aimed at improving efficiency and enhancing the bank’s competitive position.

The appointment of dedicated state presidents for Iowa and Missouri suggests a heightened focus on these specific markets. Iowa and Missouri represent important growth opportunities for First Interstate, with diverse economies and a significant base of agricultural and commercial customers. By empowering local leaders, the bank aims to better understand and respond to the unique needs of these markets.

Steven Frederick’s role as commercial market president will be crucial in serving the needs of businesses in the region. Commercial lending is a key driver of growth for First Interstate, and Frederick’s expertise will be instrumental in expanding the bank’s commercial loan portfolio. Similarly, Kandra Powell’s leadership in community banking will focus on serving the needs of individual customers and small businesses.

The changes at First Interstate Bank are part of a broader trend of leadership adjustments within the financial services industry. Banks are constantly evaluating their organizational structures to ensure they are aligned with their strategic goals and capable of adapting to changing market conditions. The success of this restructuring will depend on the ability of the new leaders to effectively implement the bank’s strategy and deliver improved results.

First Interstate Bank’s headquarters are located in Billings, Montana, and the company is traded on the Nasdaq stock exchange under the ticker symbol FIBK. The bank offers a range of financial products and services, including checking and savings accounts, mortgage loans, commercial loans, insurance, and treasury management services.