Form 4: Major Shareholder of First Interstate BancSystem Reports Significant Future Stock Sale Under 10b5-1 Plan

A trust associated with a 10% owner of First Interstate BancSystem Inc. reported a planned future sale of 55,000 shares of common stock for approximately $1.71 million.

Summary

• The reporting person is Susan Scott Heyneman Trust, with Susan Heyneman and First Interstate Wealth Management as Co-Trustees.
• The issuer is First Interstate BancSystem Inc. (FIBK).
• The reporting person is identified as a 10% owner of the issuer.
• A transaction involving the disposition (sale) of 55,000 shares of Common Stock is reported.
• The transaction date for the sale is July 14, 2025.
• The shares were sold at a weighted-average price of $31.11 per share, with individual transaction prices ranging from $30.85 to $31.31.
• The estimated total value of the shares sold is $1,711,050 (55,000 shares * $31.11/share).
• Following this reported transaction, the reporting person will beneficially own 584,256 shares of Common Stock.
• The ownership form is indirect, with the shares held of record by the Susan Scott Heyneman Trust.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The sale of 55,000 shares by a 10% owner, while executed under a pre-planned 10b5-1 program, represents a reduction in insider ownership. This could be viewed neutrally to slightly negatively by the market, as it's a divestment by a significant stakeholder, though the pre-planned nature mitigates immediate negative implications.

Positives

• The transaction is executed under a Rule 10b5-1(c) plan, indicating a pre-scheduled, non-discretionary sale, which can reduce negative market interpretation compared to an open-market, discretionary sale.

Negatives

• A significant sale of 55,000 shares by a 10% owner, even if pre-planned, reduces the insider's stake and could be perceived by some investors as a signal of reduced confidence or a move to divest.

Risks

• The sale by a significant insider could lead to negative market sentiment or increased scrutiny regarding the company's future prospects, even if the sale is pre-planned.

Future Outlook

The document primarily reports a planned future insider transaction and does not provide a general future outlook or guidance for the company's operations or financial performance. It notes that the reporting persons expect to file future Forms 4, if any, together with Susan Scott Heyneman, Trust.

Industry Context

This filing details a specific insider transaction and does not provide broader industry context or trends. It reflects a planned divestment by a significant owner within the banking sector.

Related Party Transactions

• The transaction involves the sale of shares by a 10% owner, Susan Scott Heyneman Trust, which is considered a related party.
• Footnote 2 indicates potential group beneficial ownership due to certain agreements among reporting persons, the Issuer, and other stockholders, suggesting broader related party relationships.

Stakeholder Impact

• Shareholders: The sale of a significant block of shares by a major owner could influence market perception and potentially impact share price due to the reduction in insider ownership.

Next Steps

• The reporting persons expect to file future Forms 4, if any, together with Susan Scott Heyneman, Trust.

Key Dates

Keywords

FIBK, First Interstate BancSystem, Form 4, insider trading, stock sale, beneficial ownership, 10b5-1 plan, Susan Scott Heyneman Trust, equity disposition