First Interstate To Buy Back Stock

First Interstate Bancorp will buy back 10 percent of its common stock over the next few years, William E.B. Siart announced Monday on his first day as chairman of the big regional bank.

Siart noted that the bank has said repeatedly that excess capital would be plowed back into acquisitions, stock repurchases or dividends.

Shareholders applauded, sending First Interstate stock up by $1.62 1/2 to $78.50 per share in midday trading on the New York Stock Exchange.

Siart, already chief executive, succeeds retiring Chairman Edward M. Carson as part of a previously announced plan. William S. Randall was named president and Bruce G. Willison vice chairman of First Interstate, which operates in 13 states, including Washington, and is the 14th largest U.S. commercial bank.