First Interstate Bank CEO Kevin Riley will retire, a move that kicks off a search for his successor, the Billings, Montana-based bank said Friday.
Riley, who has been CEO since 2015, will continue to serve in his role until a successor is found, the bank said. The board has tapped a global executive recruiting firm to search for the lender’s next CEO.
During Riley’s tenure, First Interstate grew from a $7 billion community bank operating in three states to a $30 billion-asset bank spread across 14 states, the CEO said Friday.
“I have had the great fortune of spending 38 remarkable years in the banking industry, the most exciting and rewarding of which have been the past nine years serving as President and CEO of First Interstate,” Riley said in a statement. “We have accomplished so much as an organization, and I am grateful to have had the opportunity to work alongside so many talented people.”
Stephen Bowman, First Interstate’s board chair, thanked Riley for his leadership and dedication. He outlined the board's priorities for the new leader, emphasizing the importance of cultural fit, community understanding and the ability to drive growth.
Riley joined First Interstate in 2013 as executive vice president and CFO before taking his current role. Prior to joining First Interstate, Riley was executive vice president, CFO and treasurer of Massachusetts-based Berkshire Bank.
First Interstate saw an uptick in expansion after Riley joined, with the biggest deal — the $2 billion acquisition of South Dakota-based Great Western Bank — coming in 2021. The transaction added 170 branches in eight new states to First Interstate’s footprint.
The lender closed seven major deals during Riley’s time as CEO, according to a company presentation. Riley learned about dealmaking — a central part of his expansion strategy — from his father, Victor Riley, a longtime CEO of KeyCorp.
“Growth and acquisition is part of my DNA,” Riley told American Banker.
During Kevin Riley's tenure as CEO, First Interstate has embraced cultural shifts and technological modernization, CFO Marcy Mutch told the publication.
“The company has been transformed in the nine years Kevin has been CEO,” Mutch said. Last year, the bank’s net income amounted to $257.5 million, up from $202.2 million in 2022.
Riley isn’t ruling out potential future involvement in the banking sector.
“If something comes around that interests me going forward, I'll take a look at it,” Riley told American Banker.
Before Riley’s announcement, First Interstate agreed to sell its Ketchum, Idaho, branch to D.L. Evans Bank, based in Burley.
