First International Bank & Trust (FIBT) is acquiring Texas-based Dominion Bank.
After the transaction closes, First International 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. Dominion brings about $650 million in assets.
This marks First International’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. All Dominion employees are expected to be offered positions with First International following the completion of the transaction.
Upon closing, Thomas Mastor, president, CEO and chairman of Dominion Bank will join FIBT as executive vice president Texas president and will serve on FIBT’s board of directors.
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.
“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 was founded in 1910 and is owned by the Stenehjem family and their subsidiary, Watford City Bancshares, based in Watford City, N.D. It has branches in North Dakota, South Dakota, Minnesota, and Arizona.
“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.