Leadership Change at First International Bank & Trust
First International Bank & Trust (FIBT) recently announced a significant leadership transition, marking a milestone in the bank's illustrious history spanning over 115 years. Commencing on January 1, 2025, S. Peter Stenehjem will assume the role of CEO, succeeding his father, Stephen L. Stenehjem, who has led the bank for an impressive 34 years. This change represents the fourth generation of the Stenehjem family at the helm of the institution, continuing a rich legacy of family leadership within the banking industry.
A Legacy of Commitment
Reflecting on this transition, Stephen expressed his pride in the family's legacy, stating, “It is rare to see a business operate for more than a century while remaining family-owned and managed. Our family has been deeply committed to serving our customers and communities with integrity for all these years.” He emphasized his confidence in Peter's ability to uphold these values and ensure the bank's success into the future.
Peter Stenehjem: A Trusted Leader
Peter has dedicated his career to FIBT, starting from the ground up and gaining invaluable experience in various roles across the organization. His current position as the bank’s president has allowed him to influence its growth and development significantly. Colleagues and community members respect him for his commitment and strategic vision.
On assuming the CEO position, Peter stated, “It is an honor to step into a role shaped by over a century of dedication and resilience. I am dedicated to maintaining FIBT’s legacy and focusing on our continued success.” His words underscore his commitment to uphold the principles that have defined the bank.
Impressive Growth Under Leadership
Under Stephen's leadership, FIBT grew remarkably, expanding its assets from just under $49 million to over $5 billion. What began as a modest community bank in Arnegard has evolved into a significant player with locations across several states, including North Dakota, South Dakota, Minnesota, and Arizona. Today, FIBT serves a broader customer base than ever, underlining its commitment to customer service and community engagement.
A Vision for the Future
As the bank enters this new chapter, Peter has expressed his enthusiasm for working alongside the capable and dedicated team at FIBT. He highlighted the importance of maintaining high standards of excellence and client care, which have long been at the forefront of FIBT's operational ethos. Along with his siblings, he is eager to continue the traditions and values instilled by their forebears, ensuring the bank remains a pillar of strength and service for many years to come.
Commitment to Community
This leadership transition not only emphasizes the Stenehjem family's dedication to the bank but also highlights its mission to serve individuals and businesses through community involvement. The bank's motto, “live first,” resonates with its efforts to contribute positively to the communities it serves. This ethos continues to shape the bank’s direction as it looks forward to a bright future.
Accessing Leadership Insights
For those interested in learning more about the Stenehjem family's vision and their remarks regarding this transition, video statements are available on FIBT's website. The transparency and insight into their leadership goals mark a new era for the bank.
About First International Bank & Trust
First International Bank & Trust (FIBT) is a full-service, family-owned community bank deeply rooted in its core values. Founded in 1910, FIBT has always prioritized personal engagement with customers and community involvement. By focusing on these principles, FIBT aims to enrich the lives of its customers while fostering lasting relationships.
Frequently Asked Questions
1. Who is the new CEO of First International Bank & Trust?
S. Peter Stenehjem will be the new CEO effective January 1, 2025.
2. How long has Stephen L. Stenehjem served as CEO?
Stephen L. Stenehjem has served as CEO for 34 years.
3. What significant changes have happened under the leadership of Stephen?
Under his leadership, FIBT's assets grew from under $49 million to over $5 billion.
4. What is the mission of First International Bank & Trust?
The mission is to help individuals and businesses “live first” by giving back to their communities.
5. Where can I find more information about FIBT?
More information is available on FIBT's official website.
