First International Bank & Trust (FIBT) and Dominion Bank announced that they have entered into a definitive agreement under which Dominion Bank ($650 million in assets) will combine with FIBT and operate under the First International Bank & Trust name upon closing. Following the transaction, FIBT is expected to have approximately $7.0 billion in total assets and 31 banking branch locations across North Dakota, South Dakota, Minnesota, Arizona and Texas.
This agreement marks FIBT’s entry into the state of Texas with three branch banking locations, including two in the Dallas-Fort Worth metropolitan area and one in Grapeland. FIBT will add Dominion’s experienced team, strong customer relationships and deep market knowledge. All Dominion employees are expected to be offered positions with FIBT following the completion of the transaction, reflecting the combined organization's commitment to preserving local expertise and customer relationships. Upon closing, Thomas J. Mastor, President, CEO and Chairman of Dominion Bank and Dominion Bancshares, will join FIBT as Executive Vice President Texas President and will serve on FIBT’s Board of Directors.
Founded in 1910 and owned by the Stenehjem family, FIBT has grown into new markets while maintaining its company values, community banking model and local approach to decision-making. The transaction brings together two privately held community banks with more than a century of history and a shared focus on long-term customer relationships, local leadership and responsible growth.
Together, FIBT and Dominion will offer customers greater lending capacity, expanded treasury management capabilities, specialized financial services and continued investment in digital banking technology including innovation in payments through Kotapay, a division of FIBT. Customers and employees will continue to benefit from a shared principle that has shaped both organizations: remaining true to their roots while pursuing continued growth and preparing for the future.
“This is a landmark moment for FIBT and one of the most exciting opportunities in our company's history,” said Peter Stenehjem, CEO of FIBT. “For more than 100 years, our growth has been guided by a simple principle: create new opportunities for customers, employees and communities while staying true to who we are. Dominion shares that belief. Together, we are creating a stronger organization with expanded capabilities, greater opportunities for our employees and customers, and an even brighter future for the communities we serve. Expanding into Texas marks an exciting new chapter for FIBT and positions us to build on more than a century of success as we continue growing for generations to come.”
“FIBT’s history, family ownership and long-term approach stood out to us,” said Mastor. “Joining First International Bank & Trust allows us to build on Dominion’s strengths, expand the resources available to our customers and preserve the local expertise, responsiveness, and personal relationships they value. By joining FIBT, our bankers will have greater capacity to support customers' ambitions through larger lending opportunities, expanded financial solutions and enhanced capabilities, while maintaining the local relationships and personalized service that define Dominion Bank.”
The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.
Until the transaction is completed, FIBT and Dominion will continue to operate as separate, independently managed institutions. Customers can continue banking with confidence through their existing banking offices, relationship managers, and established service channels. The people they know and trust remain committed to providing the same personalized service and support they rely on every day.
Ballard Spahr LLP, Minneapolis, Minn., is serving as legal counsel to First International Bank & Trust. Stephens Inc., Little Rock, Ariz., is serving as financial advisor to Dominion Bank, and Fenimore Kay Harrison LLP, Austin, Texas, is serving as legal counsel to Dominion Bank.