North Dakota, US-based community bank First International Bank & Trust (FIBT) has announced a leadership transition, the bank said.

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.

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.

Over the last 34 years under Steve's leadership, FIBT has become 100x larger with the bank's total assets growing from just under USD 49m to over USD 5bn.

From its 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.

First International Bank & Trust is a full-service, family-owned community bank serving communities across North Dakota, South Dakota, Arizona, and Minnesota.

Founded in 1910 as Farmers State Bank in Arnegard, N.D., FIBT's foundation was built on the bond between its employees and customers.