Sodak Home Loans joins FIBT
Sioux Falls mortgage brokerage purchased by FIBT
First International Bank & Trust (FIBT) successfully closed on the acquisition of Sioux Falls-based full-service mortgage brokerage company, Sodak Home Loans. Justin Walseth, Chief Growth Officer for FIBT shares, “We are thrilled to welcome the team at Sodak Home Loans to FIBT. Their established and well-known lenders will be wonderful ambassadors for the FIBT brand.”
Brent VanderGriend, former Broker and Owner at Sodak Home Loans and now Mortgage Market Manager comments, “This marks a new beginning for us. We are excited to be a part of First International Bank & Trust. Being backed by a community bank will allow our lenders to better serve our customers with a wider range of products and enhanced services. "
The mortgage group will stay at its current location near 57th and Western in Sioux Falls. The acquisition of Sodak Home Loans assets marks the North Dakota-based bank's official entry into South Dakota as a Loan Production Office. Family-owned for four generations, FIBT traces its history to Farmer’s State Bank in Arnegard, North Dakota, which opened for business on May 1, 1910. Brothers Odin and Gerhard Stenehjem were the only employees. Today, Stenehjem bankers continue to lead FIBT, operating offices in North Dakota, Minnesota, Arizona, and now South Dakota employing over 700 people in the communities it serves.
Peter Stenehjem, President and fourth-generation banker, shares his excitement about entering the Sioux Falls market. “Today is the starting point of a long-term commitment to the Sioux Falls market. I look forward to expanding FIBT's services for businesses and consumers alike and playing a part in supporting the growth of this vibrant city and region.