Peter Stenehjem will succeed his father Stephen Stenehjem as CEO at Watford City, N.D.-based First International Bank & Trust.
Peter’s appointment is effective Jan. 1. He is the fourth generation of the family to lead the $5.3 billion bank. Stephen’s grandfather, Odin Stenehjem, and Odin’s brother, Gerhard, founded the bank in 1910.
“Peter has spent his career at FIBT, learning from industry leaders and taking on various roles across the organization including his current tenure as president,” according to the bank. “His efforts have significantly contributed to the bank’s growth and success, earning him the respect of colleagues, customers and community members.”
Steve, who has been CEO for 34 years, will remain chair of the board. Under Steve’s leadership, First International Bank & Trust has grown more than 100 times larger, to more than $5 billion from $49 million.
“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 said. “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.”