First International Bank
   HOME

TheInfoList



Click Here for Items Related To - First International Bank
OR:
First International Bank on:   [Wikipedia]   [Google]   [Amazon]

First International Bank & Trust (FIBT) is an American financial institution headquartered in Watford City, North Dakota. It is owned by Watford City Bancshares, Inc., which is owned by the Stenehjem family. FIBT is the largest bank in
North Dakota North Dakota ( ) is a U.S. state in the Upper Midwest, named after the indigenous Dakota people, Dakota and Sioux peoples. It is bordered by the Canadian provinces of Saskatchewan and Manitoba to the north and by the U.S. states of Minneso ...
and has locations in North Dakota,
South Dakota South Dakota (; Sioux language, Sioux: , ) is a U.S. state, state in the West North Central states, North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Dakota people, Dakota Sioux ...
,
Minnesota Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...
, and
Arizona Arizona is a U.S. state, state in the Southwestern United States, Southwestern region of the United States, sharing the Four Corners region of the western United States with Colorado, New Mexico, and Utah. It also borders Nevada to the nort ...
.


History

The bank was established in Arnegard, as the Farmers State Bank by Gerhard and Odin Stenehjem in 1910. It was the only one of 25 banks chartered in McKenzie County to survive the
Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and ...
; in 1934, it changed its name to First International Bank and moved its headquarters to Watford City, the county seat. Its conservative approach allowed the bank to endure the Depression and receive acclaim decades later; ''Money'' magazine named First International among the soundest financial institutions in America in 1989. In 1990, the bank acquired offices of Midwest Federal Savings & Loan offices in Williston, Killdeer, and Minot. The bank added trust powers in 1992 and modified its name accordingly; by 1996, it had expanded to Arizona with two locations. Between 2004 and 2006, the bank built a new downtown headquarters in Watford City as part of a complex that included a movie theater and a steakhouse, two amenities that residents considered missing. The restaurant, Outlaws, was also run by the Stenehjem family. A second location of Outlaws opened in 2013 adjacent to the bank's relocated Williston branch. In 2008, the bank expanded by purchasing First Integrity Bank of Staples, Minnesota, which was closed by the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
; First International assumed all $50.3 million in First Integrity deposits. FIBT's business saw a lift during the North Dakota oil boom. From 2007 to 2012, its deposits in McKenzie County alone grew 153 percent to $223.4 million. To alleviate a housing crunch, the company built duplexes and homes and rented apartments to employees. In one year, the bank hired 65 employees. In April of 2018, First International Bank & Trust acquired Fargo-based electronic payments processor InterceptEFT. Upon the acquisition, the company was reintroduced as Kotapay and currently serves more than 107,000 customers across all 50 states. The bank entered South Dakota in 2021 by acquiring Sodak Home Loans and opening a branch in
Sioux Falls Sioux Falls ( ) is the most populous city in the U.S. state of South Dakota and the 117th-most populous city in the United States. It is the county seat of Minnehaha County and also extends into northern Lincoln County. The population was 192 ...
. FIBT also opened a location in Edina, marking the bank's entrance into the Twin Cities market. On January 1, 2025, S. Peter Stenehjem succeeded his father, Stephen L. Stenehjem as CEO, marking the fourth generation of family leadership.


References


External links

* {{Portal, Banks Banks based in North Dakota 1910 establishments in North Dakota Banks established in 1910