What is the full legal name of the financial institution discussed in the article?

The full legal name of the financial institution is First International Bank & Trust (FIBT). This name was adopted after the bank added trust powers to its services, indicating an expansion of its financial offerings beyond traditional banking.

Where is the main headquarters of First International Bank & Trust located?

First International Bank & Trust is headquartered in Watford City, North Dakota. This location serves as the central administrative hub for the bank's operations.

In what year was First International Bank & Trust established?

The bank was established in 1910. Its founding marks the beginning of over a century of service in the financial sector.

What is the corporate structure or type of First International Bank & Trust?

First International Bank & Trust is classified as a private company. This means its ownership is not distributed through public stock markets, distinguishing it from publicly traded corporations.

What are the primary industries in which First International Bank & Trust operates?

First International Bank & Trust operates within the Banking, Mortgage, and Mineral & Land Services industries. This diverse portfolio suggests a broad range of financial and related services offered to its clients.

Who is the owner of First International Bank & Trust?

The bank is owned by Watford City Bancshares, Inc., which is itself owned by the Stenehjem family. This indicates a family-controlled business structure.

What is First International Bank & Trust's standing in terms of size within North Dakota?

First International Bank & Trust is recognized as the largest bank in North Dakota. This signifies its dominant market position within its home state.

Which U.S. states currently host locations for First International Bank & Trust?

First International Bank & Trust has locations in North Dakota, South Dakota, Minnesota, and Arizona. This geographic diversification shows the bank's expansion across multiple states.

What was the original name of the bank when it was founded in 1910?

The bank was originally founded as the Farmers State Bank. This name likely reflected its initial focus on serving agricultural communities.

Who were the founders of the Farmers State Bank in Arnegard, North Dakota?

The bank was founded by Gerhard and Odin Stenehjem. They were the individuals who established the institution in its initial location.

In what year did the bank officially change its name to First International Bank?

The name change to First International Bank occurred in 1934. This rebranding coincided with a significant relocation of its headquarters.

What major economic downturn did the bank successfully navigate, distinguishing it from many contemporaries?

The bank successfully navigated the Great Depression. It notably was the only one of 25 banks chartered in McKenzie County at the time to survive this challenging economic period.

In which year did the bank relocate its headquarters to Watford City?

The bank moved its headquarters to Watford City in 1934. This move occurred in the same year it adopted the name First International Bank.

How was First International Bank recognized for its financial stability in 1989?

In 1989, Money magazine named First International among the soundest financial institutions in America. This prestigious recognition highlighted the bank's strong financial health and prudent management practices.

What significant expansion through acquisition did the bank undertake in 1990?

In 1990, the bank acquired offices previously belonging to Midwest Federal Savings & Loan. These acquisitions expanded its presence in North Dakota, specifically in Williston, Killdeer, and Minot.

When did First International Bank & Trust begin offering trust services, and how did it affect its name?

The bank added trust powers to its services in 1992. Following this expansion of services, its name was modified to include "& Trust."

What year marked the bank's initial expansion into the state of Arizona?

The bank expanded into Arizona by 1996, establishing two locations in the state. This marked a significant step in its geographic growth beyond the Upper Midwest.

What notable amenities were included in the complex built for the bank's new downtown headquarters in Watford City between 2004 and 2006?

The complex built for the new headquarters included a movie theater and a steakhouse. These amenities were considered valuable additions for the local community, addressing perceived gaps in local offerings.

What is the name of the steakhouse associated with the Watford City complex, and who operated it?

The steakhouse was named Outlaws, and it was operated by the Stenehjem family. This indicates the family's involvement in local businesses beyond the banking sector.

In what year did First International Bank & Trust acquire First Integrity Bank of Staples, Minnesota?

First International Bank & Trust acquired First Integrity Bank in 2008. This acquisition involved assuming all deposits from the institution after it was closed by the Federal Deposit Insurance Corporation (FDIC).

How did the North Dakota oil boom, particularly between 2007 and 2012, affect First International Bank & Trust's business?

The North Dakota oil boom significantly boosted FIBT's business, leading to a substantial increase in deposits. During this period, deposits in McKenzie County alone grew by an impressive 153 percent.

What was the total amount of deposits held by First International Bank & Trust in McKenzie County by 2012?

By 2012, the bank's deposits in McKenzie County had reached $223.4 million. This figure illustrates the substantial financial activity generated in the region due to the oil boom.

What proactive measures did First International Bank & Trust implement to address the housing shortage during the oil boom?

To alleviate a housing crunch experienced during the oil boom, the company constructed duplexes and homes, and also rented out apartments to its employees. This demonstrated a commitment to supporting its workforce during a period of rapid regional growth.

When did First International Bank & Trust acquire InterceptEFT, a Fargo-based electronic payments processor?

The acquisition of InterceptEFT took place in April 2018. This strategic move expanded the bank's services into the digital payments sector.

What is the current name of the acquired company InterceptEFT, and what is its customer reach?

Following the acquisition, InterceptEFT was reintroduced as Kotapay. Currently, Kotapay serves more than 107,000 customers across all 50 states, indicating a broad national reach.

In which year did First International Bank & Trust establish its presence in South Dakota?

The bank entered the South Dakota market in 2021. This marked a new phase of regional expansion for the institution.

What specific acquisition facilitated First International Bank & Trust's entry into South Dakota?

The bank entered South Dakota by acquiring Sodak Home Loans. This acquisition was followed by the opening of a branch in Sioux Falls, establishing a physical presence in the state.

In which South Dakota city did First International Bank & Trust open a branch in 2021?

The bank opened a branch in Sioux Falls, South Dakota, in 2021. This established a physical presence in one of South Dakota's largest cities.

Which Minnesota city saw the opening of a new First International Bank & Trust location in 2021, signifying its entry into the Twin Cities metropolitan area?

In 2021, First International Bank & Trust opened a location in Edina, Minnesota. This move marked the bank's entrance into the significant Twin Cities market.

Who took over the role of CEO from Stephen L. Stenehjem, and when did this leadership transition occur?

S. Peter Stenehjem succeeded Stephen L. Stenehjem as CEO on January 1, 2025. This transition marked a significant change in the bank's executive leadership.

What does the 2025 CEO transition signify in terms of family involvement at First International Bank & Trust?

The succession of S. Peter Stenehjem as CEO represents the fourth generation of family leadership at the bank. This highlights a long-standing family legacy in the institution's management and continuity.

What is the official web address for First International Bank & Trust?

The official website address for First International Bank & Trust is www.fibt.com. This is the primary online portal for information about the bank's services, locations, and contact details.

How many individuals are employed by First International Bank & Trust?

First International Bank & Trust employs 630 people. This number reflects the scale of its operations across its various branches and service areas.

What was the location of the bank's original headquarters before it was moved to Watford City?

The bank's original headquarters were located in Arnegard, North Dakota. It was from this initial location that the Farmers State Bank operated before its relocation.

How many other banks chartered in McKenzie County at the time of its founding did Farmers State Bank outlast?

Farmers State Bank outlasted all other 24 banks that were chartered in McKenzie County during its founding period. This resilience is particularly notable given the economic challenges that followed, including the Great Depression.

What was the specific value of deposits held by First International Bank & Trust in McKenzie County by the year 2012?

By 2012, the bank held $223.4 million in deposits within McKenzie County. This figure illustrates the substantial financial activity generated in the region, largely driven by the oil boom.

What is the name of the corporate entity that owns First International Bank & Trust?

Watford City Bancshares, Inc. is the corporate entity that owns First International Bank & Trust. This holding company structure is common for privately owned financial institutions.

What is the significance of the bank's conservative approach during the Great Depression?

The bank's conservative approach was crucial for its survival during the Great Depression, allowing it to endure economic hardships that led to the failure of many other banks. This strategy later earned it acclaim for its financial soundness.

Approximately how much in deposits did First International Bank & Trust assume when it acquired the failed First Integrity Bank?

First International Bank & Trust assumed all $50.3 million in deposits from First Integrity Bank when it acquired the institution. This action helped ensure continuity for the customers of the failed bank.

What role has the Stenehjem family played in the history and ownership of First International Bank & Trust?

The Stenehjem family founded the bank in 1910 through Gerhard and Odin Stenehjem. The family continues to own the bank via Watford City Bancshares, Inc., and has provided leadership across multiple generations, including recent CEO transitions.

What is the brief description provided at the top of the Wikipedia article for First International Bank?

The short description provided at the top of the Wikipedia article is "American bank founded in 1910." This concisely identifies the institution's nationality and founding year.

What is the filename of the logo image associated with First International Bank?

The filename for the logo image is First_International_Bank_Logo.png. This image is used within the article to visually represent the bank.

What is the purpose of the "This article needs additional citations for verification" notice at the beginning of the page?

The notice serves to highlight that the article requires more supporting references from reliable sources to ensure its accuracy and verifiability. It prompts editors or readers to add citations or challenges material that lacks proper sourcing.

In the infobox, what does the designation "fn org" signify for the name "First International Bank & Trust"?

The "fn org" designation in the infobox typically signifies that "First International Bank & Trust" is the primary organization or firm being described. It acts as a semantic tag indicating the name of the entity.

What does the "vcard" class applied to the infobox table suggest about the data it contains?

The "vcard" class suggests that the infobox table is structured to represent contact information or details about a specific organization, following the microformat standard for virtual contact cards. This helps in organizing and potentially parsing the data semantically.

What is the significance of the "category" class used for the "Industry" field in the infobox?

The "category" class indicates that the listed industries, such as Banking, Mortgage, and Mineral & Land Services, are classifications or categories related to the bank's business operations. This helps in organizing information by type.

What does the "agent" class associated with the "Key people" field in the infobox imply?

The "agent" class suggests that the individuals listed under "Key people," such as the Chairman and CEO, are acting as agents or representatives of the organization. It denotes individuals involved in the management or operation of the bank.

What does the "url" class signify in the infobox entry for the bank's website?

The "url" class indicates that the associated text is a Uniform Resource Locator, specifically the web address for the bank's official website. It clearly marks the link as the organization's primary online presence.

What is the function of the "mw-file-description" link next to the logo image in the infobox?

The "mw-file-description" link directs users to the page detailing the image file itself, providing information about its source, licensing, and usage. It's a standard Wikimedia interface element for media files within articles.

What is the purpose of the "mw-empty-elt" class sometimes found in the HTML structure of Wikipedia articles?

The "mw-empty-elt" class is often used to represent empty elements or placeholders within the HTML structure of a Wikipedia page. It can serve various layout or parsing purposes, ensuring that certain structural expectations are met even when specific content is absent.

What does the "External links" section of the article typically contain?

The "External links" section typically provides direct links to resources related to the subject of the article that are not part of the Wikipedia content itself. In this case, it includes a link to the bank's official website.

First International Bank Wiki: First International Bank: A Legacy of Stability and Growth

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Bank Overview

Identity and Ownership

First International Bank & Trust (FIBT) stands as a significant American financial institution, headquartered in Watford City, North Dakota. It operates as a private company, wholly owned by Watford City Bancshares, Inc., which is ultimately controlled by the Stenehjem family. This family ownership structure underscores a long-standing commitment to its operational philosophy and community engagement.

Market Position

FIBT holds the distinction of being the largest bank in North Dakota. Its strategic presence extends beyond its home state, with established locations in South Dakota, Minnesota, and Arizona, demonstrating a considerable regional footprint in the financial sector.

Core Industries

The bank's operational scope encompasses a diverse range of financial services, including traditional banking, mortgage lending, and specialized services related to mineral and land management. This multifaceted approach allows FIBT to cater to a broad spectrum of client needs.

A Century of Banking History

Humble Beginnings

The institution's origins trace back to 1910 in Arnegard, North Dakota, where it was founded as the Farmers State Bank by Gerhard and Odin Stenehjem. This marked the inception of a banking legacy rooted in the agricultural heartland of the Upper Midwest.

Navigating the Great Depression

Remarkably, First International Bank was the sole survivor among 25 banks chartered in McKenzie County during the tumultuous Great Depression. This resilience is attributed to a conservative operational approach, which allowed it to weather the economic storm. In 1934, the bank officially adopted the name First International Bank and relocated its headquarters to Watford City, the county seat.^[3]

Recognition and Expansion

The bank's prudent management garnered national recognition. In 1989, Money magazine acknowledged First International among America's soundest financial institutions.^[4] This era also saw strategic growth: in 1990, it acquired Midwest Federal Savings & Loan offices in Williston, Killdeer, and Minot. By 1992, the bank integrated trust powers, leading to its current name, First International Bank & Trust. Further expansion into Arizona occurred by 1996 with two new locations.^[4]

Operational Dynamics

Infrastructure and Community Development

In a notable move to support its growing operations and the local community, FIBT constructed a new downtown headquarters in Watford City between 2004 and 2006. This complex was designed to be more than just a bank, incorporating a movie theater and a steakhouse—amenities identified as lacking by residents.^[6]^[7] These additions reflect a commitment to enhancing the quality of life in the areas it serves.

Growth Fueled by the Oil Boom

The bank experienced significant growth during the North Dakota oil boom. Between 2007 and 2012, deposits in McKenzie County alone surged by 153 percent, reaching $223.4 million. To address the resulting housing shortage, FIBT proactively built duplexes and homes, renting apartments to its expanding workforce.^[10] This period saw the bank hire 65 new employees in a single year, highlighting its role in regional economic development.^[11]

Diversification into Payments

In April 2018, FIBT strategically acquired InterceptEFT, a Fargo-based electronic payments processor. Rebranded as Kotapay, this acquisition expanded FIBT's service offerings and customer base, now serving over 107,000 customers nationwide, demonstrating a successful diversification into the fintech sector.^[12]

Geographic Footprint

State Presence

First International Bank & Trust maintains a significant presence across multiple states, reflecting its strategic expansion and commitment to serving diverse markets. Its operations are anchored in:

North Dakota: Its historical home and largest market.^[1]
Arizona: A key expansion market with established locations.^[2]
Minnesota: Serving communities including Staples and the Twin Cities metropolitan area.^[9]
South Dakota: Expanding its reach with a branch in Sioux Falls.^[13]

Recent Expansions

The bank's growth trajectory continued into 2021 with its entry into South Dakota through the acquisition of Sodak Home Loans and the establishment of a branch in Sioux Falls. Concurrently, FIBT opened a location in Edina, marking its strategic entrance into the competitive Twin Cities market, further solidifying its regional influence.^[14]

Leadership and Succession

The Stenehjem Legacy

The Stenehjem family has been instrumental in the bank's enduring success and growth for generations. Their leadership has guided FIBT through significant economic shifts and strategic expansions, maintaining a consistent vision for the institution.

Fourth-Generation Leadership

Marking a significant milestone in its history, S. Peter Stenehjem assumed the role of Chief Executive Officer on January 1, 2025, succeeding his father, Stephen L. Stenehjem. This transition signifies the continuation of fourth-generation family leadership, ensuring continuity and a forward-looking approach to the bank's future.^[15]

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References

A full list of references for this article are available at the First International Bank Wikipedia page

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Important Notice Regarding Financial Information

This page has been generated by an Artificial Intelligence and is intended for informational and educational purposes only. The content is derived from publicly available data and may not be entirely accurate, complete, or up-to-date. It is crucial to consult official sources and qualified professionals for financial decisions.

This is not financial advice. The information provided herein is not a substitute for professional financial consultation, investment advice, or banking services. Always seek the advice of a qualified financial advisor or banking professional with any questions you may have regarding your financial situation or specific banking needs. Never disregard professional advice or delay in seeking it because of information presented on this website.

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First International Bank & Trust

💡 Dive in with Flashcard Learning! 💡

Bank Overview ℹ️

🏢 Identity and Ownership

🏆 Market Position

💼 Core Industries

A Century of Banking History 📜

🌱 Humble Beginnings

💪 Navigating the Great Depression

🌟 Recognition and Expansion

Operational Dynamics ⚙️

🏗️ Infrastructure and Community Development

🚀 Growth Fueled by the Oil Boom

💳 Diversification into Payments

Geographic Footprint 🌍

📍 State Presence

📈 Recent Expansions

Leadership and Succession 👨‍💼

👑 The Stenehjem Legacy

🔄 Fourth-Generation Leadership

Teacher's Corner 🧑‍🏫

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Disclaimer ⚠️

📜 Important Notice Regarding Financial Information

Dive in with Flashcard Learning!

Bank Overview

Identity and Ownership

Market Position

Core Industries

A Century of Banking History

Humble Beginnings

Navigating the Great Depression

Recognition and Expansion

Operational Dynamics

Infrastructure and Community Development

Growth Fueled by the Oil Boom

Diversification into Payments

Geographic Footprint

State Presence

Recent Expansions

Leadership and Succession

The Stenehjem Legacy

Fourth-Generation Leadership

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Disclaimer

Important Notice Regarding Financial Information