On November 10, Watford City, North Dakota-based First International Bank & Trust (FIBT) and Dallas-based Dominion Bank announced that they have entered into a definitive merger agreement. Under the agreement, Dominion Bank, with $650 million in assets, will merge into FIBT and operate under the First International Bank & Trust name. The combined bank is expected to have approximately $7 billion in total assets and 31 banking locations across North Dakota, South Dakota, Minnesota, Arizona and Texas.
The agreement marks FIBT’s entry into Texas with three branch locations, including two in the Dallas/Fort Worth metroplex and one in Grapeland. All Dominion Bank employees are expected to be offered positions with FIBT. 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.
“This is a landmark moment for FIBT and one of the most exciting opportunities in our company’s history,” says Peter Stenehjem, CEO of FIBT. “… 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.”
Ballard Spahr LLP is serving as legal counsel to First International Bank & Trust. Stephens Inc. is serving as financial advisor to Dominion Bank, and Fenimore Kay Harrison LLP is serving as legal counsel to Dominion Bank.
The transaction is expected to close in the first quarter of 2027, subject to regulatory and shareholder approvals.
