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The institution that would become First International Bank & Trust was initially chartered as the Farmers State Bank in Arnegard, North Dakota.
Answer: True
Explanation: The bank's origins trace back to its establishment as the Farmers State Bank in Arnegard, North Dakota, prior to its later evolution and name changes.
First International Bank & Trust demonstrated remarkable resilience by successfully navigating the economic challenges of the Great Depression, notably being the sole bank chartered in McKenzie County at that juncture to endure.
Answer: True
Explanation: During the Great Depression, the bank's conservative management allowed it to survive, distinguishing it as the only one of the 25 banks chartered in McKenzie County at the time to remain operational.
The institution adopted the name First International Bank & Trust in 1910, concurrently with its founding year.
Answer: False
Explanation: The bank was founded in 1910 as Farmers State Bank. It underwent name changes later, notably to First International Bank in 1934 and later incorporating '& Trust' in 1992.
What was the original corporate designation of the financial institution upon its establishment in 1910?
Answer: Farmers State Bank
Explanation: The bank was originally founded in 1910 under the name Farmers State Bank.
In what year did the bank officially adopt the name First International Bank and concurrently relocate its headquarters to Watford City?
Answer: 1934
Explanation: The bank changed its name to First International Bank and moved its headquarters to Watford City in 1934.
Identify the significant economic event that the bank successfully navigated, setting it apart from numerous other banks chartered in McKenzie County during that period.
Answer: The Great Depression
Explanation: The bank's survival through the Great Depression, while many other McKenzie County banks failed, highlights its operational stability and prudent financial management.
The bank commenced offering trust services in 1934, a development that coincided with its relocation to Watford City.
Answer: False
Explanation: While the bank relocated its headquarters to Watford City in 1934, the addition of trust powers to its service offerings occurred later, in 1992.
Currently, First International Bank & Trust maintains branch operations across North Dakota, South Dakota, Minnesota, and Texas.
Answer: False
Explanation: The bank's current operational footprint includes locations in North Dakota, South Dakota, Minnesota, and Arizona. Texas is not listed as a state with current branches.
The bank established its presence in the South Dakota market in 2021 via the strategic acquisition of Sodak Home Loans.
Answer: True
Explanation: The acquisition of Sodak Home Loans in 2021 was the specific transaction that facilitated First International Bank & Trust's market entry into South Dakota.
The year 2021 saw the inauguration of a new branch for First International Bank & Trust in Sioux Falls, South Dakota.
Answer: True
Explanation: The opening of the Sioux Falls branch in 2021 marked a significant physical expansion for FIBT within the South Dakota market.
The establishment of a branch in Edina, Minnesota, in 2021 signified First International Bank & Trust's debut within the Duluth metropolitan area.
Answer: False
Explanation: The 2021 opening in Edina, Minnesota, represented FIBT's entry into the Twin Cities metropolitan area, not the Duluth area.
In which year did First International Bank & Trust incorporate trust powers into its service portfolio, resulting in a modification of its corporate name?
Answer: 1992
Explanation: The bank added trust powers to its services in 1992, which led to the modification of its name to include '& Trust'.
Identify the state from the following options that does not currently host branch locations for First International Bank & Trust.
Answer: Montana
Explanation: First International Bank & Trust operates branches in North Dakota, South Dakota, Minnesota, and Arizona. Montana is not among these states.
By means of which acquisition did First International Bank & Trust establish its market presence in South Dakota in the year 2021?
Answer: Sodak Home Loans
Explanation: The acquisition of Sodak Home Loans was the strategic move that enabled First International Bank & Trust to enter the South Dakota market in 2021.
The establishment of a new branch in Edina, Minnesota, in 2021 marked First International Bank & Trust's entrance into which significant metropolitan region?
Answer: The Twin Cities area
Explanation: The 2021 expansion into Edina, Minnesota, signified FIBT's strategic entry into the prominent Twin Cities metropolitan market.
The Stenehjem family's ownership of First International Bank & Trust is effectuated through a publicly traded entity known as Watford City Bancshares.
Answer: False
Explanation: The Stenehjem family owns First International Bank & Trust via Watford City Bancshares, Inc., which is a privately held entity, not a publicly traded one.
S. Peter Stenehjem assumed the role of Chief Executive Officer, succeeding Stephen L. Stenehjem, effective January 1, 2025.
Answer: True
Explanation: The transition of leadership to S. Peter Stenehjem as CEO occurred on January 1, 2025, marking a significant generational shift in the bank's executive management.
The appointment of S. Peter Stenehjem as Chief Executive Officer signifies the third generation of Stenehjem family members to hold leadership positions within the bank.
Answer: False
Explanation: S. Peter Stenehjem's succession as CEO represents the fourth generation of Stenehjem family leadership, underscoring a long-standing familial legacy in the bank's governance.
The Stenehjem family established the bank in 1910 and presently maintains ownership through the holding company Watford City Bancshares, Inc.
Answer: True
Explanation: The founding of the bank in 1910 by the Stenehjem family marks the beginning of a multi-generational ownership and leadership legacy that continues through Watford City Bancshares, Inc.
Identify the family predominantly associated with the ownership and sustained leadership of First International Bank & Trust.
Answer: The Stenehjem family
Explanation: The Stenehjem family has been integral to the founding, ownership, and leadership of First International Bank & Trust across multiple generations.
Identify the individual who succeeded Stephen L. Stenehjem as Chief Executive Officer of First International Bank & Trust, and specify the effective date of this leadership transition.
Answer: S. Peter Stenehjem, January 1, 2025
Explanation: S. Peter Stenehjem assumed the Chief Executive Officer position, succeeding Stephen L. Stenehjem, effective January 1, 2025.
What does the succession of S. Peter Stenehjem to the Chief Executive Officer role signify concerning the continuity of family involvement in the bank's governance?
Answer: It signifies the fourth generation of family leadership.
Explanation: The appointment of S. Peter Stenehjem as CEO marks the fourth generation of the Stenehjem family to lead the institution, highlighting a sustained legacy of family stewardship.
In 1990, First International Bank & Trust augmented its operational footprint in North Dakota through the acquisition of branches previously belonging to Midwest Federal Savings & Loan.
Answer: True
Explanation: The acquisition of offices from Midwest Federal Savings & Loan in 1990 represented a strategic expansion for FIBT within North Dakota, specifically in locations such as Williston, Killdeer, and Minot.
In 2008, First International Bank & Trust integrated First Integrity Bank into its operations subsequent to its closure by the FDIC, assuming all associated deposits.
Answer: True
Explanation: The acquisition of First Integrity Bank in 2008 involved assuming its deposits following its closure by the FDIC, a transaction valued at $50.3 million.
In April 2018, First International Bank & Trust completed the acquisition of InterceptEFT, a firm specializing in electronic payment processing.
Answer: True
Explanation: The acquisition of InterceptEFT in April 2018 marked FIBT's strategic entry into the electronic payments sector.
The entity previously identified as InterceptEFT now operates under the name Kotapay and provides services to clients in more than 30 states.
Answer: False
Explanation: Following its acquisition and rebranding as Kotapay, the company now serves customers across all 50 states, not merely over 30.
Upon the failure of First Integrity Bank, First International Bank & Trust assumed all of its deposits, amounting to $50.3 million.
Answer: True
Explanation: This acquisition involved assuming the entirety of First Integrity Bank's deposits, valued at $50.3 million, following its closure by the FDIC.
The acquisition of which financial institution in 2008 entailed assuming its deposits subsequent to its closure by the Federal Deposit Insurance Corporation (FDIC)?
Answer: First Integrity Bank
Explanation: First Integrity Bank was acquired by FIBT in 2008, with FIBT assuming all its deposits after the FDIC closure.
What is the present designation of the electronic payments processor acquired by FIBT, and what is its nationwide customer base?
Answer: Kotapay, serving over 107,000 customers
Explanation: The acquired entity, InterceptEFT, now operates as Kotapay and serves a customer base exceeding 107,000 nationwide.
Regarding the failed First Integrity Bank, which of the following actions was undertaken by First International Bank & Trust?
Answer: Assumed all of its deposits after FDIC closure
Explanation: Following the FDIC closure of First Integrity Bank, FIBT assumed all of its deposits as part of the acquisition.
The significant North Dakota oil boom, occurring between 2007 and 2012, resulted in a contraction of deposit levels for First International Bank & Trust within the affected region.
Answer: False
Explanation: Contrary to a decrease, the North Dakota oil boom between 2007 and 2012 led to a substantial increase in deposits for First International Bank & Trust in the region, particularly in McKenzie County.
As of 2012, First International Bank & Trust managed deposit holdings exceeding $223 million within McKenzie County.
Answer: True
Explanation: By 2012, the bank's deposit base in McKenzie County had reached $223.4 million, reflecting the economic impact of the regional oil boom.
In response to the housing scarcity exacerbated by the oil boom, First International Bank & Trust undertook the construction of apartments and duplexes for its employees.
Answer: True
Explanation: To mitigate the housing challenges during the oil boom, FIBT proactively developed housing solutions, including constructing apartments and duplexes for its workforce.
What major economic phenomenon occurring in North Dakota between 2007 and 2012 led to a substantial augmentation of First International Bank & Trust's deposit base?
Answer: The North Dakota oil boom
Explanation: The North Dakota oil boom during this period significantly stimulated economic activity, leading to a marked increase in deposits for financial institutions like FIBT.
What strategic measures did First International Bank & Trust implement to address the acute housing shortage that emerged during the oil boom period?
Answer: By constructing housing and renting apartments for employees
Explanation: FIBT proactively addressed the housing crisis by constructing residential units, including apartments and duplexes, for its employees.
What was the aggregate value of deposits held by First International Bank & Trust within McKenzie County by the year 2012?
Answer: $223.4 million
Explanation: By 2012, the total deposits held by FIBT in McKenzie County reached $223.4 million, a figure significantly influenced by the regional oil boom.
The principal headquarters of First International Bank & Trust have remained consistently situated in Watford City, North Dakota, since the bank's inception.
Answer: False
Explanation: While Watford City is the current headquarters, the bank's initial operations were based in Arnegard, North Dakota, before relocating to Watford City in 1934.
First International Bank & Trust holds the distinction of being the largest financial institution operating within the state of North Dakota.
Answer: True
Explanation: The bank is recognized as the largest bank operating within North Dakota, signifying its substantial market presence and operational scale in its home state.
In 1989, Money magazine acknowledged First International Bank & Trust among the most financially sound institutions in the United States.
Answer: True
Explanation: The recognition by Money magazine in 1989 underscored the bank's robust financial health and prudent management practices during that period.
The contemporary downtown headquarters complex in Watford City, constructed between 2004 and 2006, incorporated notable amenities such as a movie theater and a steakhouse.
Answer: True
Explanation: The development of the new headquarters complex included the addition of a movie theater and a steakhouse, reflecting a commitment to community amenities alongside corporate infrastructure.
The designated official web address for First International Bank & Trust is www.fibt.com.
Answer: True
Explanation: The primary online portal for First International Bank & Trust is accessible via the URL www.fibt.com.
First International Bank & Trust's operational workforce comprises approximately 700 individuals.
Answer: False
Explanation: The bank employs 630 individuals across its various operations, a figure slightly lower than the approximation of 700.
The concise introductory description within the Wikipedia article characterizes the institution as a Canadian bank established in 1910.
Answer: False
Explanation: The Wikipedia article identifies the institution as an American bank founded in 1910, not a Canadian one.
The image file designated for the bank's logo is named FIBT_logo.jpg.
Answer: False
Explanation: The filename for the bank's logo image is First_International_Bank_Logo.png, not FIBT_logo.jpg.
In which city and state is the primary headquarters of First International Bank & Trust situated?
Answer: Watford City, North Dakota
Explanation: The main headquarters of First International Bank & Trust is located in Watford City, North Dakota.
From the following options, identify the industry that is not designated as a primary area of operation for First International Bank & Trust.
Answer: Insurance
Explanation: First International Bank & Trust operates within Banking, Mortgage Services, and Mineral & Land Services; Insurance is not listed as a primary operating industry.
What is the classification of First International Bank & Trust with respect to its corporate structure?
Answer: Private company
Explanation: First International Bank & Trust is classified as a private company, indicating its ownership is not publicly traded on stock exchanges.
Identify the publication that recognized First International Bank & Trust for its financial stability in 1989.
Answer: Money magazine
Explanation: Money magazine acknowledged First International Bank & Trust as one of America's soundest financial institutions in 1989.
According to the provided information, what is the approximate number of individuals employed by First International Bank & Trust?
Answer: 630
Explanation: First International Bank & Trust employs a workforce of 630 individuals across its operations.
What is the officially designated web address for First International Bank & Trust?
Answer: www.fibt.com
Explanation: The official online presence for First International Bank & Trust is maintained at www.fibt.com.
What does the semantic designation of the 'vcard' class, applied to the infobox table, imply about the nature of the data it contains?
Answer: It represents contact information for an organization.
Explanation: The 'vcard' class is a microformat standard used to semantically mark up contact information for an organization or individual, suggesting the infobox contains such details for the bank.