US-based First International Bank & Trust (FIBT) has entered into a definitive agreement to combine with Dominion Bank, which holds USD 650 million in assets. Dominion will operate under the First International Bank & Trust name once the deal closes. The combined bank is expected to have approximately USD 7.0 billion in total assets and 31 branches across North Dakota, South Dakota, Minnesota, Arizona, and Texas.
Entry into the Texas market
The agreement marks FIBT's entry into Texas, with three branches, two in the Dallas–Fort Worth area and one in Grapeland. All Dominion employees are expected to be offered positions with FIBT after the transaction completes. The deal is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals. Until then, the two banks will continue to operate separately.
Together, the banks plan to offer customers greater lending capacity, expanded treasury management services, and continued investment in digital banking technology, including payments through Kotapay, a division of FIBT that provides payment processing services. Both are privately held community banks with more than a century of history. FIBT was founded in 1910 and is owned by the Stenehjem family.
Lending capacity and treasury services
Peter Stenehjem, CEO of FIBT, said the company's growth has been guided by creating opportunities for customers, employees, and communities, and that Dominion shares that approach. He added that the combination creates a stronger organisation with expanded capabilities, and that entering Texas opens a new chapter for the bank.
Thomas J. Mastor, President, CEO, and Chairman of Dominion Bank, said FIBT's history, family ownership, and long-term approach stood out to Dominion. He added that joining FIBT will give Dominion's bankers greater capacity to support customers through larger lending opportunities and expanded financial products, while keeping the local relationships and personalised service that its customers value.
