Dec. 23, 2024

A family-owned bank with a growing presence in Sioux Falls is entering its fourth generation of leadership.

Peter Stenehjem will become the new CEO of North Dakota-based First International Bank & Trust on Jan. 1, succeeding his father, Stephen Stenehjem. 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.

The bank expanded to Sioux Falls in 2021 and opened an office at 14th Street and Minnesota Avenue about two years ago.

“It is rare to see a business not only operate for more than a century but also remain owned and managed by the same family,” Steve Stenehjem said in a statement. “For 114 years, our family has been deeply committed to serving our customers and communities with integrity and care. I am confident Peter’s vision, dedication and philanthropic spirit will ensure that legacy continues well into the future.”

Peter Stenehjem 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,” the bank said in a statement.

Over the past 34 years under Steve Stenehjem’s leadership, FIBT has become 100 times larger as the bank’s total assets grew from just under $49 million to more than $5 billion. FIBT now has locations across four states, including North Dakota, South Dakota, Minnesota and Arizona.

“First International Bank & Trust brings an unwavering dedication to its clients and communities,” Peter Stenehjem said.

“It is a great honor to step into a role that’s been shaped by over a century of commitment, resilience and community focus. I am committed to upholding this legacy, with deep respect for FIBT’s history and focus on continued success in the years to come. As we enter this new era, I look forward to working with our talented team to maintain the high standards of excellence, innovation and client care that have defined our success.

Alongside my siblings, Erik, Kira and Kristen, I am proud to carry forward the traditions and values instilled by the three previous generations. Together, our family will ensure First International Bank & Trust thrives for the next 115 years and beyond.”