Wealth Enhancement, a national independent wealth management firm focused on enriching clients’ lives, announced it has acquired the Wealth Services Division of First International Bank & Trust, headquartered in Watford City, North Dakota. The team oversees $581+ million in client assets and will transition to affiliate Wealth Enhancement Trust Services.
Wealth Enhancement Trust Services is an independent trust company serving clients since 2008 and has been a part of the Wealth Enhancement full-service offerings since 2021. Wealth Enhancement currently oversees $107.5 billion in client assets.
The Wealth Services Division of First International Bank & Trust provides personal trust and estate planning services and asset management services, including mineral management, investment management, and farmland management. Based in North Dakota, the division serves clients in Arizona, Minnesota, South Dakota, and beyond.
MarshBerry represented the Wealth Services Division of First International Bank & Trust in the deal.
KEY QUOTES:
“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.”
– Jeff Dekko, Chief Executive Officer of Wealth Enhancement
“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.”
– Peter Stenehjem, Chief Executive Officer of First International Bank & Trust
“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. This acquisition marks our first location in North Dakota, expanding our presence to 34 states nationwide.”
– Jim Cahn, Chief Strategy Officer of Wealth Enhancement
