First International Bank & Trust in Watford City, N.D., has agreed to buy Dominion Bank in Dallas.
The $6.4 billion-asset First International said in a press release that it plans to buy the $650 million-asset Dominion in the first quarter. The price wasn’t disclosed
Thomas Mastor, Dominion Bank’s chairman, president, and CEO, will join First International as Texas president. He will join First International’s board.
“This is a landmark moment … and one of the most exciting opportunities in our company’s history,” Peter Stenehjem, First International’s CEO, said in the release. “We are creating a stronger organization with expanded capabilities, greater opportunities for our employees and customers, and an even brighter future for the communities we serve.”
Ballard Spahr advised First International. Stephens and Fenimore Kay Harrison advised Dominion.
First International is owned by Watford City Bancshares, which is owned by the Stenehjem family.