Fourth generation takes the helm at First International Bank & Trust
Patrice Bumstead
Farmer Editor
First International Bank & Trust (FIBT) announced a leadership transition on Thursday, Dec. 19. Effective January 1, 2025, Peter Stenehjem will succeed his father, Stephen (Steve) L. Stenehjem, as CEO.
Peter will be the family’s fourth generation to lead the financial institution. In 1910, Odin Stenehjem founded the bank, then known as Farmer’s State Bank in Arnegard, N.D. Following Odin, came his son, Leland and succeeding Leland was his son, Steve who took over as CEO in 1990.
Through the past 34 years of Steve’s leadership, FIBT has grown one-hundred times larger. In 1990, the bank’s assets were reported just under $49 million, and today, its assets are reported to be over $5 billion. FIBT also has locations that span across four states, including North Dakota, South Dakota, Minnesota and Arizona.
“First International Bank & Trust brings unwavering dedication to its clients and communities,” said President and incoming CEO, Peter.
Steve will continue on as Chairman of the Board, remaining actively involved guiding the bank’s leaders and supporting future strategic initiatives.
Looking back on his tenure, Steve shared “As I reflect on our family’s 114-year legacy, we’ve been committed to more than just banking. Since starting in 1910, First International Bank & Trust has grown from a single bank in Arnegard, N.D., to more than 30 branches spanning four states today. Our unwavering dedication lies in serving our communities and helping customers achieve their financial dreams. As I pass the leadership to Peter, I’m confident that our core values around innovation, client care and excellence will remain unchanged.”
The Stenehjem family has continued through the years working together to create not only a multi-billion-dollar financial institution, but also a dedicated partner to its customers and communities.
Marketing Director of FIBT and current matriarch of the family, Gretchen Stenehjem, has worked alongside her husband, Steve for over three decades to continue building the family’s legacy and ensuring its future.
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