FIBT Announces Transition to Fourth-Generation Family CEO
First International Bank & Trust (FIBT), a full-service, independent community bank, announced today a leadership transition and significant milestone in its 115-year history. Effective January 1, 2025, S. Peter Stenehjem will succeed his father, Stephen L. Stenehjem, as CEO, becoming the fourth generation of the Stenehjem family to lead the institution. Steve, who has served as CEO for 34 years, will continue as Chairman of the Board, remaining actively involved in guiding the bank’s leaders and supporting strategic initiatives.
Reflecting on this transition, Steve Stenehjem shared, “It is rare to see a business not only operate for more than a century but also remain owned and managed by the same family. For 114 years, our family has been deeply committed to serving our customers and communities with integrity and care. I am confident Peter’s vision, dedication and philanthropic spirit will ensure that legacy continues well into the future.”
Peter has spent his career at FIBT, learning from industry leaders and taking on various roles across the organization including his current tenure as the bank’s president. His efforts have significantly contributed to the bank’s growth and success, earning him the respect of colleagues, customers and community members alike.
“First International Bank & Trust brings an unwavering dedication to its clients and communities,” said Peter Stenehjem, president and incoming CEO of FIBT. “It is a great honor to step into a role that’s been shaped by over a century of commitment, resilience and community focus. I am committed to upholding this legacy, with deep respect for FIBT’s history and focus on continued success in the years to come.”
Over the last 34 years under Steve’s leadership, FIBT has become 100x larger with the bank’s total assets growing from just under $49 million to over $5 billion. From its humble beginnings in Arnegard, North Dakota, FIBT now has locations across four states, including North Dakota, South Dakota, Minnesota and Arizona, and serves more customers than ever before.
“As we enter this new era, I look forward to working with our talented team to maintain the high standards of excellence, innovation and client care that have defined our success,” Peter added. Alongside my siblings Erik, Kira, and Kristen, I am proud to carry forward the traditions and values instilled by the three previous generations. Together, our family will ensure First International Bank & Trust thrives for the next 115 years and beyond.”
The leadership transition underscores the Stenehjem family’s dedication to fostering stability, innovation and service. The bank will continue its mission to help individuals and businesses “live first” by giving back time, talent and resources to the communities it serves.
Click here to watch a video that features the Stenehjem family discussing this landmark transition.
