Great Western Bank
Corporate brand
UnclaimedGreat Western Bank was a South Dakota-based regional bank that operated across the central and western United States until its merger into First Interstate Bank in 2022.
Last updated August 25, 2026
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Overview
Great Western Bank was a regional commercial bank headquartered in Sioux Falls, South Dakota. Its institutional history began in 1935, when Farmers and Merchants Bank was established in Watertown, South Dakota. The institution adopted the Great Western Bank name in 2003 and subsequently expanded through acquisitions and branch growth across a broad part of the central and western United States. The bank operated in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. Its network exceeded 170 locations before the combination with First Interstate BancSystem. Great Western served the retail, small-business, commercial, agricultural, and other banking needs associated with regional markets, although the available reference material does not provide a complete historical catalogue of its individual products or customer segments. Ownership and corporate structure changed substantially during the bank's later history. National Australia Bank acquired Great Western Bank in 2008. Beginning in October 2014, NAB reduced its ownership through an initial public offering of Great Western Bancorp, Inc., the bank's holding company. NAB completed its exit from the listed holding company in July 2015. Great Western Bancorp was traded on the New York Stock Exchange under the symbol GWB during the period in which it was publicly listed. Great Western also participated in the consolidation and resolution of troubled banking institutions during the aftermath of the financial crisis. In 2010 it took over the failed Lincoln, Nebraska-based TierOne Bank. In November 2015 it announced the acquisition of Sioux Falls-based HF Financial Corp., the parent company of Home Federal Bank, further strengthening its presence in its home market. In September 2021, Great Western Bank and Montana-based First Interstate BancSystem announced a definitive merger agreement. The transaction was completed on February 1, 2022. Great Western Bank then operated as a division of First Interstate Bank, and its locations were converted to First Interstate Bank branches on May 23, 2022. At the time of the merger, Great Western Bank had approximately $12.39 billion in assets. The Great Western Bank brand consequently ceased operating as an independent banking brand.
History
Great Western Bank traced its charter history to 1935, when Farmers and Merchants Bank was founded in Watertown, South Dakota. For much of its later development, the institution grew as a regional bank serving communities in the Great Plains and adjacent western states. The bank changed its name to Great Western Bank in 2003, creating the identity under which it became a larger multi-state banking organization. National Australia Bank acquired Great Western Bank in 2008. Under NAB ownership, Great Western continued expanding its regional footprint. In 2010, it assumed the deposits and other banking operations of failed TierOne Bank, a Lincoln, Nebraska institution. This transaction increased Great Western's presence in Nebraska and reflected the role that stronger regional banks played in consolidating banking assets after the financial crisis. The ownership structure changed again during the middle of the 2010s. In October 2014, NAB began distributing its interest through an initial public offering of Great Western Bancorp, Inc., the bank's holding company. Great Western Bancorp was listed on the New York Stock Exchange under the symbol GWB. NAB completed the sale of its remaining interest in July 2015, leaving Great Western Bancorp as a publicly traded American banking group rather than a subsidiary controlled by the Australian parent. Great Western pursued further domestic expansion in 2015. In November of that year, it announced the acquisition of HF Financial Corp., the Sioux Falls-based parent of Home Federal Bank. The transaction was significant for Great Western's South Dakota franchise because it combined two institutions headquartered in the same metropolitan area and broadened the bank's local operating base. Before its final merger, Great Western Bank maintained more than 170 locations in Arizona, Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota. Its business was organized around regional banking, with activities spanning consumer and business deposits, lending, and other services typically associated with a full-service commercial bank. The available reference material does not establish a complete product-by-product account or identify a single founder or sequence of named chief executives. In September 2021, Great Western Bank entered into a definitive agreement to merge with First Interstate BancSystem, a Montana-based bank holding company. The merger was completed on February 1, 2022. Great Western Bank became an operating division of First Interstate Bank rather than continuing as an independent bank brand. On May 23, 2022, the former Great Western locations were converted to First Interstate Bank branches. Great Western Bank had assets of $12.39 billion at the time of the merger. The conversion ended the brand's independent operations and placed its former network within First Interstate's branch system.
- 2022
Merger with First Interstate is completed
[1]The combination closes on February 1, making Great Western an operating division of First Interstate Bank.
- 2022
Former Great Western branches adopt First Interstate branding
[1]Great Western locations become First Interstate Bank branches on May 23.
- 2021
Merger agreement with First Interstate is signed
[1]Great Western Bank and First Interstate BancSystem announce a definitive agreement to merge.
- 2015
NAB completes its ownership exit
[1]National Australia Bank sells its final interest in the publicly listed Great Western Bancorp in July.
- 2015
HF Financial acquisition is announced
[1]Great Western announces the acquisition of HF Financial Corp., the parent of Home Federal Bank in Sioux Falls.
- 2014
Great Western Bancorp launches its initial public offering
[1]National Australia Bank begins reducing its holding through the public offering of Great Western Bancorp, the bank's holding company.
- 2010
TierOne Bank operations are taken over
[1]Great Western takes over the failed TierOne Bank based in Lincoln, Nebraska.
- 2008
National Australia Bank acquires Great Western Bank
[1]Great Western Bank comes under the ownership of National Australia Bank.
- 2003
The bank adopts the Great Western Bank name
[1]Farmers and Merchants Bank changes its name to Great Western Bank.
- 1935
Farmers and Merchants Bank is established
[1]The institution that later became Great Western Bank begins with the establishment of Farmers and Merchants Bank in Watertown, South Dakota.
Products and positioning
A community-oriented regional bank serving consumers, businesses, agricultural customers, and commercial clients across a multi-state branch network in the central and western United States.
Retail banking
Consumer banking
Great Western Bank operated a regional retail-banking franchise serving individuals and households through its branch network. The reference material identifies the institution as a regional bank but does not provide enough detail to enumerate specific account names, fees, or digital features.
Commercial banking
Business and commercial banking
The bank's full-service regional model included banking for businesses and commercial customers across its multi-state territory. Specific product variants and service-level details are not established in the available source material.
Agricultural finance
Agricultural banking
Operating across the Great Plains and other agricultural states, Great Western Bank served markets in which farm and rural-business finance formed part of the regional banking environment. The sources do not specify individual agricultural products.
Brand decisions
2021
Merger agreement with First Interstate BancSystemM&ABackground
Great Western sought to combine with First Interstate BancSystem, a Montana-based banking company, after years of operating as a multi-state regional bank.
Action taken
The parties signed a definitive merger agreement in September 2021.
Aftermath
The merger closed on February 1, 2022, and Great Western became an operating division of First Interstate Bank. Former Great Western branches were rebranded on May 23, 2022. Great Western had $12.39 billion in assets at the time of the merger.
Assets. $12.39 billion (At the February 1, 2022 merger)
2015
Acquisition of HF Financial Corp.M&ABackground
HF Financial Corp. was a Sioux Falls-based holding company whose subsidiary was Home Federal Bank.
Action taken
Great Western announced an agreement to acquire HF Financial Corp.
Aftermath
The deal strengthened Great Western's position in Sioux Falls and its South Dakota home market.
2010
Takeover of TierOne BankM&ABackground
TierOne Bank, based in Lincoln, Nebraska, had failed, creating an opportunity for a stronger institution to assume its banking operations.
Action taken
Great Western Bank took over the failed bank's operations and expanded its Nebraska presence.
Aftermath
The transaction increased Great Western's regional footprint during the post-financial-crisis period of banking consolidation.
Sources2 sources
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