Bank to operate under state charter

First National Bank of Montana, which was founded in Libby in 1913, will begin operating under a state banking charter and change its name to First Montana Bank at the beginning of the year.

The bank, which has eight branches in western Montana including Libby and Troy, will now be regulated by the State of Montana instead of the Office of the Comptroller of the Currency, a bureau of the U.S. Department of Treasury.

“We will be regulated by the State of Montana and the State of Montana understands the (local) economy and the banking situation better than the Office of the Comptroller,” said John T. Giblin, executive vice president of First National Bank.

Customer service will not be affected, Giblin said. The bank will continue to be insured by the Federal Deposit Insurance Corp., and managed by the same executives.

The only noticeable difference, Giblin said, will be the name change, which goes into effect Jan. 4. Customers may continue using their existing supply of checks and ATM, debit and credit cards. As they run out or expire, the bank will replace them with material bearing the name First Montana Bank. The bank will also have a new website – www.FirstMontanaBank.com – in January.

The bank’s board of directors decided that a state banking charter would better reflect the bank’s Montana heritage, as well as save money and help it compete with other banks.

Besides Libby and Troy, First Montana Bank also operates branches in Anaconda, Bozeman, Butte, Kalispell and Missoula.

The bank first opened its doors at Hotel Libby in 1913 as First State Bank of Libby. On Aug. 1, 1963, the bank became First National Bank of Montana. The bank expanded into Butte and Anaconda in 1994, followed by Bozeman, Missoula and, most recently, Kalispell.

Corporate headquarters moved from Libby to Missoula – where they remain today – in 2006.