First Interstate seeks approval to increase shares.

The nation’s ninth-largest bank holding company is asking shareholders to approve a plan at the company’s annual meeting, April 24, allowing it to increase its common shares to 250 million from 100 million. In a proxy statement mailed to shareholders late last week, First Interstate said proceeds from issuance of the extra stock could be used to finance acquisitions, block an unwanted suitor or to give a big stake in the company to a friendly investor. First Interstate currently has about 47 million shares outstanding.