This partnership marks the firm’s first location in North Dakota.
MINNEAPOLIS, March 31, 2025 /PRNewswire/ — Wealth Enhancement, a national independent wealth management firm dedicated to 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 more than $581 million in client assets and will be transitioning to affiliate Wealth Enhancement Trust Services, LLC. Wealth Enhancement Trust Services, LLC, 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.
Jeff Dekko, Chief Executive Officer of Wealth Enhancement, 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.”
The Wealth Services Division of First International Bank & Trust offers services in personal trust and estate planning as well as asset management services including mineral management, investment management, and farmland management. While headquartered in North Dakota, the division serves clients across Arizona, Minnesota, South Dakota and beyond.
Peter Stenehjem, Chief Executive Officer of First International Bank & Trust, 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.”
Jim Cahn, Chief Strategy Officer of Wealth Enhancement, 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. This acquisition marks our first location in North Dakota, expanding our presence to 34 states nationwide.”
MarshBerry, an investment banking and consulting firm, represented the Wealth Services Division of First International Bank & Trust in the deal.
