Wealth Enhancement Acquires $581M Wealth Division of First International Bank & Trust
Wealth Enhancement Group, a wealth management firm overseeing more than $107.5 billion in client assets, has acquired the Wealth Services Division of First International Bank & Trust (FIBT). FIBT, based in Watford City, ND, manages over $581 million in client assets through its wealth division.
The deal strengthens Minneapolis-based Wealth Enhancement’s trust capabilities, as the FIBT wealth team will transition to Wealth Enhancement Trust Services, an affiliate of Wealth Enhancement.
The move aligns with the firm’s aggressive growth strategy. Jeff Dekko, CEO 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, investment, and farmland management. While headquartered in North Dakota, the division serves clients across Arizona, Minnesota, South Dakota and beyond.
Specific financial details of the transaction, which is expected to close in the second quarter of 2025, were not disclosed.
MarshBerry, an investment banking and consulting firm, represented the Wealth Services Division of First International Bank & Trust in the deal.
Last week, the private equity-backed serial RIA acquirer announced two deals: XO Management, a $516 million, six-person team in Dallas, and Marcum Wealth, a Cleveland, OH-based RIA managing $4.3 billion in client assets.
In February, the firm acquired Capstone Wealth Advisors, LLC, a $618 million advisory group with offices spanning the Pacific Northwest. With the latest additions, and previously announced acquisitions, the firm has nearly $108 billion in assets under management.