First International Bank

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First International Bank & Trust
Company type Private
IndustryBanking, Mortgage, Insurance, & Trust
Founded1910
Headquarters Watford City, North Dakota
Key people
Steve Stenehjem, Chairman & CEO
OwnersWatford City Bancshares, Inc.,
Number of employees
500
Website www.fibt.com

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 [1] and has 32 locations in North Dakota, South Dakota, Minnesota, and Arizona. [2]

Contents

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; in 1934, it changed its name to First International Bank and moved its headquarters to Watford City, the county seat. [3] 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. [4] In 1990, the bank acquired offices of Midwest Federal Savings & Loan offices in Williston, Killdeer, and Minot. The bank became a trust in 1992 and modified its name accordingly; [5] by 1996, it had expanded to Arizona with two locations. [4]

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. [6] The restaurant, Outlaws, was also run by the Stenehjem family. [7] A second location of Outlaws opened in 2013 adjacent to the bank's relocated Williston branch. [8]

In 2008, the bank expanded by purchasing First Integrity Bank of Staples, Minnesota, which was closed by the Federal Deposit Insurance Corporation; First International assumed all $50.3 million in First Integrity deposits. [9]

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. [10] In one year, the bank hired 65 employees. [11]

The bank entered South Dakota in 2021 by acquiring Sodak Home Loans and opening a branch in Sioux Falls. [12]

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References

  1. ↑ DePietro, Andrew. "Largest Bank In Every State Of 2023". Forbes . Retrieved December 3, 2023.
  2. ↑ "Office Locations". First International Bank & Trust. Retrieved February 3, 2022.
  3. ↑ "Bank celebrates with open house". Bismarck Tribune. Associated Press. May 4, 2000.
  4. 1 2 Cook, Timothy (April 1996). "North Dakota's rising star". Independent Banker. p. 28. ProQuest   215806526.
  5. ↑ Mayhugh, Alta (April 19, 2010). "Family with Scandinavian heritage celebrates 100 years of banking". Williston Daily Herald.
  6. ↑ Donovan, Lauren (October 4, 2004). "One big hole in the ground? - When it's filled, Watford City will be revitalized". Bismarck Tribune. p. 1A.
  7. ↑ Kvamme, Thomas A. (July 12, 2006). "Outlaws' Bar & Grill offers new dining in Watford City". Williston Daily Herald.
  8. ↑ Griffin, Larry (September 30, 2013). "Outlaws opening bar and grill in Williston". Williston Daily Herald.
  9. ↑ Hartman, Ken (June 10, 2008). "First International acquires two banks". Williston Daily Herald.
  10. ↑ Springer, Patrick (November 25, 2012). "Bakken banks booming - Deposits outpace lending in western North Dakota". Grand Forks Herald. Forum Communications. p. A1.
  11. ↑ Ustinova, Anastasia (February 7, 2013). "The Bakken shale oil boom floods rural banks with cash". Businessweek.
  12. ↑ Matzen, Morgan (April 6, 2022). "First International Bank & Trust plans changes at near-downtown bank". Argus Leader. p. A2. ProQuest   2647073039.
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