When Jon Tester was elected to the US Senate in 2007, more than 17 years ago, Montana had only three Banks that were publicly-held, which dwarfed their couple other publicly-held Montana Companies which were all very minor.
So being a really politically astute guy, Tester knew that he wanted to make a mark in Banking, which was very key to the State of Montana.
So he got appointed to the US Senate Banking Committee.
The three traditional Montana Banks were Glacier Bancorp, HQed in Kalispell, First Interstate Bank System, HQed in Billings, MT and the much smaller Eagle Bancorp, MT, HQed in Helena. MT.
From its SEC filings, Glacier Bancorp reported Net Income of $16.59 mil in annual 2006, the year before Tester joined the US Senate as a Montana US Senator.
Since then, this Bank has grown its annual Net Income to $222.93 mil in annual 2023.
Thus, Glacier Bancorp increased its Annual Net Income by more than 12 times in the past 17 years, for a total increase of 1,244%, or by a simple average of a staggering 73% a year.
And now Glacier Bancorp has a Stock Market Cap of $5.6 Bil.
And traditional Banks are not growth industries ... they are the furthest thing from it.
No doubt that US Senator Jon Tester was extremely effective in helping Glacier Bancorp grow its Stock Market Cap to $5.6 Bil now.
And he did the same for the other two Montana Banks. It's just that they do not have near to the growth of 73% per year that Glacier Bancorp does. But they both have done exceptionally well.
Clearly, Jon Tester knows how to get very consequential things done for Montana citizens.
Which takes us to how Jon Tester is one of the very few US Senators and US House members who work very effectively across the aisle.
No US Senator or US House member was more helpful in getting the US Infrastructure bill passed into law. I think this US Infrastructure bill has been the best economic piece of legislation for the country in decades.
And its very positive effect on the US economy will last for many more decades.
And very importantly, it was totally paid for.
Also, the State of Montana is one of the key beneficiaries of it, with special thanks to Jon Tester.
So, the largest Montana publicly-held US Companies had always been 2 Banks ... Glacier Bancorp with a Stock Market Cap now of $5.6 Bil and First Interstate Bank System with a Stock Market Cap of $3.2 Bil. Then there was a massive drop.
But just recently, with much help from Jon Tester, two astute very large out-of-State publicly-held US High Technology Companies have moved their Headquarters to the beautiful, very business-friendly US State of Montana ..... Fair Isaac with a Stock Market Cap now of $49 Bil and Snowflake with a Stock Market Cap now of $39 Bil.
And my hunch is that with much help from Jon Tester, there will be many more perceptive Companies relocating their Headquarters to Montana in the future. The quality of life in Montana is so attractive to their employees.
