FIRST INTERSTATE BANCSYSTEM INC — Director's Dealing 2011

Feb 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FIRST INTERSTATE BANCSYSTEM INC (FIBK)
CIK: 0000860413
Period of Report: 2011-02-07

Reporting Person: Cerkovnik Robert M (Sr VP & Chief Credit Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-07	Class B Common Stock - Unvested	$0.00	J	148	Disposed	2029-12-31	Class A Common Stock (148)	Direct
2011-02-07	Class B Common Stock	$0.00	J	148	Acquired	2029-12-31	Class A Common Stock (148)	Direct
2011-02-08	Stock Options	$10.50	M	4400	Disposed	2011-03-16	Class B Common Stock (4400)	Direct
2011-02-08	Class B Common Stock	$0.00	M	4400	Acquired	2029-12-31	Class A Common Stock (4400)	Direct
2011-02-08	Class B Common Stock	$0.00	F	3761	Disposed	2029-12-31	Class A Common Stock (3761)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	5248	Indirect
Class A Common Stock	1108	Indirect

Footnotes

F1: On March 5, 2010, the Company recapitalized its existing common stock. The recapitalization included, among other things, a redesignation of existing common stock as Class B common stock, a four-for-one split of Class B common stock, and the creation of a new class of common stock designated as Class A common stock, which is listed on the NASDAQ stock market under the symbol "FIBK". The Class B Common Stock is convertible at any time into Class A Common stock on a share for share basis at the descretion of the holder. The conversion feature of the Class B common stock does not expire.

F2: Unvested Class B Common Stock vesting on 2/7/2011.

F3: Includes 3,392 option shares tendered in payment of option exercise price and 369 Option shares redeemed for payment of taxes.