First International Bank & Trust (FIBT), an independent community bank with a 115-year history, announced a significant leadership transition. Beginning January 1, 2025, S. Peter Stenehjem will succeed his father, Stephen L. Stenehjem, as CEO, marking the fourth generation of family leadership. Stephen, who has led FIBT as CEO for 34 years, will continue as Chairman of the Board, focusing on strategic guidance.
Reflecting on the transition, Stephen emphasized the rarity of a family-owned business thriving for over a century and expressed confidence in Peter’s ability to uphold the bank’s legacy of integrity and community focus. Peter, currently the bank’s president, has contributed to its growth and success through various roles, earning respect from colleagues and customers alike. He expressed his commitment to maintaining the bank’s tradition of excellence while building on its strong foundation.
Under Stephen’s leadership, FIBT has expanded significantly, growing its assets from $49 million to over $5 billion and establishing branches across North Dakota, South Dakota, Minnesota, and Arizona. As incoming CEO, Peter will work alongside his siblings to ensure the bank’s continued success and uphold its mission to serve communities with innovation, care, and philanthropy.
Click here to view a video of the Stenehjem family’s remarks. Click here to read the Business Wire story of this transition.
Graphic taken from First International Bank & Trust (FIBT) website