First Interstate Is Activist Investor HoldCo’s Latest Target

HoldCo Asset Management LP has built up a sizable stake in regional lender First Interstate BancSystem Inc. and told management to swear off acquisitions and buy back even more shares than the lender’s already planning, or the activist investor will push for a sale.

HoldCo has purchased $129 million of First Interstate’s common stock since March, totaling about 3.8% of the outstanding voting shares in the Billings, Montana-based regional bank, according to a presentation seen by Bloomberg News. First Interstate shares climbed as much as 7.1% after Bloomberg reported HoldCo’s holdings and demands, and they were up 3.3% at 2:46 p.m.