First International Bank
| Company type | Private |
|---|---|
| Industry | Financial services |
| Predecessor | Farmers State Bank |
| Founded | 1910 in Arnegard, North Dakota, United States |
| Founder | Gerhard Stenehjem, Odin Stenehjem |
| Headquarters | Watford City , United States |
Area served | North Dakota, South Dakota, Minnesota, Arizona |
Key people | S. Peter Stenehjem (CEO from 2025), Stephen L. Stenehjem (former CEO) |
| Products | Banking, trust services, electronic payments processing (Kotapay) |
| Owner | Watford City Bancshares, Inc. |
Number of employees | 65 (growth within one year during oil boom; exact number unspecified) |
| Parent | Watford City Bancshares, Inc. |
First International Bank & Trust (FIBT) is a U.S.-based financial services company headquartered in Watford City, North Dakota. The institution is owned by Watford City Bancshares, Inc., which is under the control of the Stenehjem family. FIBT stands as the largest banking entity in North Dakota and maintains operations across North Dakota, South Dakota, Minnesota, and Arizona.
History
The bank originated in 1910 under the name Farmers State Bank, founded by Gerhard and Odin Stenehjem in Arnegard, North Dakota. It was the only bank in McKenzie County to endure the hardships of the Great Depression. In 1934, the institution rebranded as First International Bank and relocated its main office to Watford City. Its prudent financial approach earned it accolades, including recognition by Money magazine in 1989 as one of America's most stable banking institutions. Expansion occurred in 1990 through the acquisition of Midwest Federal Savings & Loan branches located in Williston, Killdeer, and Minot. The addition of trust services in 1992 led to a corporate name adjustment, and by 1996, FIBT had established two branches in Arizona.
From 2004 to 2006, FIBT constructed a new headquarters in downtown Watford City within a mixed-use complex that also houses a movie theater and Outlaws steakhouse—both enterprises operated by the family. A second Outlaws steakhouse was launched in 2013 adjacent to its relocated branch in Williston.
In 2008, following the FDIC closure of First Integrity Bank in Staples, Minnesota, FIBT acquired it, taking on $50.3 million in deposits.
The bank experienced substantial growth during the North Dakota oil boom, with deposits in McKenzie County increasing by 153% between 2007 and 2012, reaching $223.4 million. To alleviate local housing shortages for employees, FIBT developed duplexes and apartment units while expanding its workforce by 65 employees within one year.
In April 2018, FIBT purchased InterceptEFT, an electronic payments processor based in Fargo, rebranding it as Kotapay. This platform now serves over 107,000 clients nationwide.
FIBT made its entry into South Dakota's market in 2021 through acquiring Sodak Home Loans and establishing branches in Sioux Falls and Edina, marking its debut in the Twin Cities region.
Effective January 1, 2025, S. Peter Stenehjem took over as CEO from Stephen L. Stenehjem, continuing the family's leadership into its fourth generation.