First Interstate Plans Stock Repurchase

First Interstate Bancorp announced plans Monday to repurchase up to 10%, or 7.6 million shares, of its stock over the next two years, an announcement that sharply boosted the Los Angeles-based bank holding company’s stock.

First Interstate shares closed at $79 in trading on the New York Stock Exchange, up $2.125 a share, or about 3%, on a day when few other bank stocks showed significant gains.

The nation’s 14th-largest bank holding company also announced that effective Monday, President and Chief Executive William E.B. Siart will succeed Edward M. Carson as chairman. Carson is retiring.

William S. Randall, chief operating officer, has added the title of president, and Bruce G. Willison, head of First Interstate’s California region, has become vice chairman.

The company said that “in addition to the customary duties of chairman and CEO,” Siart will concentrate on marketing and operational support.

Randall will concentrate on finance, risk management and investment management, while Willison will add national and international corporate banking to his California regional responsibilities, the company said.