First International Bank & Trust acquires Sodak Home Loans – Grand Forks Herald
WATFORD CITY, ND First International Bank & Trust said it has successfully completed the acquisition of Sodak Home Loans, a full-service mortgage brokerage in Sioux Falls, SD
The company made the announcement on Monday, March 1.
“We are thrilled to welcome the Sodak Home Loans team to FIBT,” FIBT Chief Growth Officer Justin Walseth said in the announcement. “Their established and well-known lenders will be wonderful FIBT brand ambassadors.”
According to the company, being backed by a community bank will allow the bank’s lenders to better serve its customers with a wider range of improved products and services.
The Mortgage Group will remain at its current location near 57th and West in Sioux Falls. The acquisition of the assets of Sodak Home Loans marks the Bank of North Dakota’s official entry into South Dakota as a loan origination office.
A family business for four generations, FIBT traces its history to the Farmer’s State Bank in Arnegard, North Dakota, which opened on May 1, 1910. Brothers Odin and Gerhard Stenehjem were the only employees. Today, Stenehjem Bankers continue to lead FIBT’s operating offices in North Dakota, Minnesota, Arizona and now South Dakota, employing over 700 people in the communities they serve.
“Today is the start of a long-term commitment to the Sioux Falls market,” said Peter Stenehjem, President and Fourth Generation Banker. “I look forward to expanding FIBT’s services to businesses and consumers and playing a role in supporting the growth of this dynamic city and region.