US-based independent wealth management firm Wealth Enhancement has acquired First International Bank & Trust’s (FIBT) wealth services division.
Based in Watford City, North Dakota, FIBT is a family-owned community bank that serves communities in Arizona, Minnesota, North Dakota, and South Dakota.
Its wealth services division provides services in personal trust, estate planning, and asset management, including mineral, investment, and farmland management.
The division serves clients across Arizona, Minnesota, South Dakota, and beyond, managing over $581m in client assets.
Wealth Enhancement CEO Jeff Dekko said: “We are excited to announce our partnership with the Wealth Services Division of First International Bank & Trust.
“As clients increasingly seek expanded wealth management offerings, our firm remains committed to evolving and expanding our services to meet their needs.”
Wealth Enhancement chief strategy officer Jim Cahn said: “Trust services is a critical component of being a true family office, and we are excited to continue strengthening our capabilities for our largest multi-generational family relationships.”
The wealth services division will operate as an affiliate of Wealth Enhancement Trust Services, an independent trust company serving clients since 2008.
Wealth Enhancement Trust Services has been part of Wealth Enhancement’s full-service offerings since 2021.
Wealth Enhancement, which currently oversees $107.5bn in client assets, offers personalised financial planning and investment management services.
The acquisition represents Wealth Enhancement’s first location in North Dakota, expanding its presence to 34 states nationwide.
MarshBerry, an investment banking and consulting firm, represented FIBT in the transaction.
First International Bank and Trust CEO Peter Stenehjem said: “We took great care in selecting a firm that would share the same wealth management philosophies and company values.
“Wealth Enhancement’s client-centric approach and wide range of sophisticated services will elevate the scope of services clients will have access to while maintaining a focus on relationships.
“We will continue to offer Mineral and Land Services and Enterprise Retirement Solutions while maintaining our 115-year focus on the core business of banking for consumers and businesses alike.”
