First Interstate Bank raising minimum wage for its employees

First Interstate Bank is raising the minimum hourly wage of employees from $15 to $17 for both new and current employees.

The change in compensation is set to be effective Oct. 1.

This wage increase represents a pay boost for 64% of the First Interstate workforce and underscores the bank’s ongoing commitment to the financial well-being of its employees, according to a release by the company.

"It is my sincere hope that these wage increases not only provide financial relief, but reinforce how important our people are to us," said Kevin Riley, president and CEO of First Interstate Bank, said in a release. "They live our mission, vision and values every day, and are what make our community banking services so special to the clients we serve. We couldn’t be happier to invest in our employees’ future and wellbeing."

The wage increase builds on a robust benefits package that includes a 6% employer-matched 401(k), childcare assistance program, exercise reimbursement program, and student debt employer repayment program.

Earlier this year, First Interstate says it took additional steps to ensure all employees receive a living wage by providing a fuel stipend of $130 each month to employees with annual salaries of $65,000 or less.

First Interstate offers positions in 14 states.