First International Bank & Trust

What First International Bank & Trust does

First International Bank & Trust (FIBT) is a family-owned, independent community bank founded in 1910 as Farmers State Bank in McKenzie County, North Dakota, and headquartered in Watford City. The bank operates full-service branches across four states (North Dakota, South Dakota, Minnesota, and Arizona) serving personal, small-business, agricultural, municipal, and mineral-and-land-owner customers with a comprehensive suite including checking, savings, CDs, IRAs, HSAs, mortgages, consumer loans, agricultural loans, commercial loans, credit cards, and treasury management services such as ACH, wire, Remote Deposit Capture, Positive Pay, and lockbox. The bank distributes these products through a traditional branch-led relationship model augmented by online and mobile banking with Zelle, SecureAlerts, Credit Sense, and Fetch My Rate.

The bank's differentiated capability is its Kotapay payments division and the Kavinu Banking-as-a-Service platform, which together processed over $124 billion in payments in 2025 and serve more than 107,000 clients nationwide. Kotapay provides ACH processing and credit card merchant processing, while Kavinu enables fintech partners to embed FIBT's compliant banking infrastructure, with Giftly's go-live (over $21.8M in cash balances transferred) and the strategic investment in Advantage Payment Services illustrating active ecosystem build-out.

FIBT earns revenue primarily from net interest income on its lending and deposit franchise, supplemented by transaction-based non-interest income from treasury management, credit card, payments, and BaaS fees. The bank is led by fourth-generation Stenehjem family members under CEO Peter Stenehjem and Board Chairman Stephen L. Stenehjem, with executive leadership including a CFO, Chief Payments Officer, Chief Experience Officer, Chief Credit Officer, and Chief Growth Officer. The company is privately held, FDIC-insured, ranked #6 on American Banker's 2025 Top Performers list for banks with $2B-$10B in assets, and has been recognized for affordable housing leadership in North Dakota and South Dakota.

Name

First International Bank & Trust

Legal name

First International Bank & Trust

Website

https://fibt.com

Company type

Private

Founded year

1910

Operating status

Operating

Headcount range

501–1,000 employees

Short description

First International Bank & Trust is a family-owned community bank founded in 1910, operating branches across North Dakota, South Dakota, Minnesota, and Arizona with full-service personal, business, and agricultural banking. Its Kotapay division and Kavinu BaaS platform process over $124 billion in payments annually for 107,000+ clients.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

Keywords

• Community banking services
• Agricultural lending
• Mortgage lending
• Treasury management
• Embedded payments

Headquarters

HQ city

Watford City

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Traditional bank interest income from loans (mortgages, personal loans, commercial loans, agricultural loans, home equity loans) and interest expense paid on deposits (checking, savings, money market, CDs, IRAs). Core revenue driver for a community bank.
2. Non-Interest Income: Fee income from services including ACH payments, wire transfers, credit card income, merchant processing, safe deposit boxes, overdraft fees, and account maintenance fees. The Giftly partnership specifically supports non-interest income growth through expanded deposits and scalable ACH volume.
3. BaaS / Embedded Finance Revenue: Revenue generated through the Kotapay division's BaaS platform (Kavinu), providing compliant banking infrastructure to fintech partners. Supports growth through expanded deposits, non-interest income, and scalable ACH volume from partner integrations like Giftly.
4. Treasury Management & Cash Management Fees: Fees from business services including ACH payments, wire transfers, Remote Deposit Capture, Positive Pay, lockbox services, and payroll/direct deposit processing.
5. Credit Card Revenue: Income from credit card products including Amp Visa, Go Visa, X Visa, Onyx Visa, Platinum Visa, and Badlands Visa cards.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels9 records

Core offering

First International Bank & Trust is a full-service community bank that provides personal and business deposit accounts, mortgages, personal and commercial loans, agricultural lending, credit cards, treasury management, and mineral and land services through branches in ND, SD, MN, and AZ. It also operates Kotapay, a national payments division offering ACH processing, credit card merchant processing, and embedded banking-as-a-service via the Kavinu platform, processing over $124 billion in payments annually for 107,000+ clients.

Product overview

First International Bank & Trust (FIBT) operates as a full-service, family-owned, independent community bank offering a comprehensive suite of banking products and services across personal, business, mortgage, and specialty segments. The bank's core digital infrastructure centers on its Online & Mobile Banking platform, supplemented by Kotapay—a payments division processing over $124 billion annually through ACH processing, credit card merchant processing, and embedded payments via the Kavinu Banking-as-a-Service platform. FIBT's product portfolio includes deposit accounts (checking, savings, CDs, IRAs, HSAs), credit products (mortgages, personal loans, business loans, agricultural loans, credit cards), treasury management services, mineral & land services, and specialized offerings like the Higher Learning Fund education savings CD and Credit Sense credit monitoring. The bank serves customers across North Dakota, South Dakota, Minnesota, and Arizona with both digital and traditional branch banking channels.

Differentiator

Problem solved

Functional benefit

Brands

• Kotapay: FIBT's payments division offering ACH processing, credit card merchant processing, and embedded payments/Banking as a Service through the Kavinu platform.

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Certificates of Deposit (CDs) and IRAs
• FIBT Mortgage Loans
• Personal Loans
• Credit Cards
• Private Banking
• Mineral & Land Services
• Business Checking and Savings Accounts
• Treasury Management Services
• Business and Commercial Loans
• Agricultural Loans
• Employer Solutions (401(k) and Payroll)
• Online and Mobile Banking
• Kotapay Payments Services
• Kavinu Banking-as-a-Service Platform

Quantifiable outcome

• Kotapay processed over $124 billion in payments in 2025, serving more than 107,000 clients nationwide
• +4 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• GiftlycoreOEM/ Whitelabel/ Licensing Partner · 24 March 2026Giftly, a digital gifting platform, launched on Kavinu, FIBT's bank-direct Banking as a Service platform, with Kotapay providing ACH processing. Over $21.8 million in cash balances were transferred at go-live following the transition from Giftly's prior banking partner. The partnership supports FIBT's growth through expanded deposits, non-interest income, and scalable ACH volume while providing Giftly with compliant and scalable banking infrastructure to support its aggressive growth strategy and expansion of payout options.
• Advantage Payment ServicescoreStrategic or Co-development Partner · 10 July 2025FIBT made a strategic investment in Advantage Payment Services as part of the continued development of the Kavinu platform, supporting the build-out of FIBT's BaaS infrastructure.
• Federal Home Loan Bank of Des Moines (FHLB Des Moines)coreStrategic or Co-development Partner · 28 February 2025FIBT partnered with FHLB Des Moines to offer the Mortgage Rate Relief program, which provides qualified borrowers with interest rates up to 1.50% below prevailing market rates. Eligible households must have total household income at or below 80% of the area median income.
• South Dakota Housing Development Authority (SDHDA)coreStrategic or Co-development PartnerSDHDA recognized FIBT as a Top Five Lender in South Dakota at its 35th Annual Housing Conference. SDHDA is a nonprofit whose mission is to provide opportunities for quality, affordable housing for South Dakotans.
• North Dakota Housing Finance Agency (NDHFA)coreStrategic or Co-development PartnerNDHFA honored FIBT with the Champion of Affordable Housing Excellence Award, recognizing the bank's commitment to supporting affordable housing initiatives and strengthening communities across North Dakota.
• American Bankers AssociationminorGTM or Marketing PartnerFIBT partners with the American Bankers Association through the 'Banks Never Ask That' campaign to spread awareness about phishing scams and keep customers safe. The ABA provides free resources including videos, games, and articles to help consumers recognize scams.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Gate City Bank: North Dakota-headquartered mutual community bank serving ND and MN with full personal, business, mortgage, and ag banking. Comparable to FIBT on regional footprint, full-service community model, and consistent profitability emphasis.
• Choice Financial Group: Employee-owned community bank with branches across North Dakota and western Minnesota. Closely comparable to FIBT in regional footprint, agricultural lending focus, and family-style community banking culture.
• Western State Bank: North Dakota community bank with personal, business, and ag lending in the Bakken region. Comparable to FIBT on geographic footprint, agricultural lending, and energy-region community banking model.
• Sutton Bank: Ohio-based community bank known for bank-direct Banking-as-a-Service partnerships (notably with major fintechs). Closely comparable to FIBT's Kavinu strategy — a community bank that has scaled BaaS as a core growth lever — making it a primary peer on the BaaS business model.
• Bravera Bank: North Dakota-based community bank with personal, business, and agricultural lending across western ND and MT. Comparable to FIBT on rural/community banking focus, ag lending exposure, and Bakken-region market overlap.
• Bell Bank: Employee-owned community bank headquartered in North Dakota with a national payments and treasury services division (Bell Payments). Comparable to FIBT in regional footprint, full-service banking model, and a national-scope embedded payments franchise.
• Starion Bank: Community bank serving North Dakota and South Dakota with personal, business, and ag lending. Directly comparable to FIBT on four-state regional footprint (ND/SD/MN), full-service product set, and agricultural lending specialization.
• Coastal Community Bank: Washington-based community bank with a leading embedded banking/BaaS division (Coastal Bancshares). Directly comparable to FIBT's Kavinu BaaS strategy — a community bank leveraging fintech partnerships to generate fee income and low-cost deposits at national scale.

Emerging players

• Lead Bank: Missouri-based community bank that has built a fintech-banking-as-a-service franchise, sponsoring programs for digital and embedded finance companies. Comparable to FIBT's Kavinu/Kotapay model — a community bank competing in BaaS as a growth platform.

Broad incumbents

• Alerus Financial: North Dakota-based regional bank with personal, business, mortgage, and wealth management services across the Upper Midwest. Comparable to FIBT in ND geographic concentration and full-service community banking model, though larger and publicly traded.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/firstintlbank
• YouTubeyoutube.com/user/firstintlbank
• Facebookfacebook.com/FirstIntlBank
• LinkedInlinkedin.com/company/first-international-bank-and-trust
• Instagraminstagram.com/firstintlbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First International Bank & Trust