MarshBerry Advises First International Bank & Trust On Their Acquisition Of Its Wealth Division By Wealth Enhancement Group, LLC
MarshBerry, a leading investment banking and consulting firm serving the wealth and insurance distribution industries, is pleased to have advised First International Bank & Trust on the sale of their Wealth Services Division to Wealth Enhancement Group, LLC (WEG). The transaction closed on February 28, 2025.
Headquartered in Watford City, ND, First International Bank & Trust’s Wealth Services Division has managed over $580 million in client assets, providing expertise in trust and estate planning as well as asset management services including mineral management, investment management, and farmland management.
“WEG proved to be the ideal partner, offering a shared wealth management philosophy, strong cultural alignment, sophisticated resources, and a solid geographic presence,” stated Phil Trem, MarshBerry President – Financial Advisory. “This transaction highlights the market’s evolution in meeting client needs and expanding into non-traditional markets, as WEG strengthens its service offerings in the Midwest. We look forward to seeing this partnership thrive and grow in the years ahead.”
The bank’s strategic exit from personal trust and asset management marks a significant milestone, offering WEG its first location in North Dakota while expanding their total client assets to $107.5 billion. This divestiture not only enhances opportunities for the Wealth Services Division’s personnel to deepen client relationships with an expanded suite of offerings but also allows First International Bank & Trust to focus on the continued growth of its core banking business.
“First International Bank & Trust sought a partnership with an independent firm that offered a robust suite of investment and financial solutions to meet the needs of its high-quality client base – one that fosters alignment and a collaborative environment for the Wealth Services Division team,” added Kim Kovalski, MarshBerry Managing Director.
Terms of the transaction were not disclosed.
Leveraging a focused and well–defined process, MarshBerry’s team of investment bankers understand the complexities of the wealth market and how to properly position firms to realize value. With extensive experience in both organic and inorganic growth strategies, clients turn to MarshBerry for strategic advisory, growth acceleration consulting, merger & acquisition transactions including liquidity transactions, acquisition transactions, business continuity/perpetuation transactions, and more.
MarshBerry – Helping Clients Learn, Improve & Realize Value
MarshBerry is a global leader in financial services and consulting dedicated to helping insurance brokerages, and firms in the wealth management industry, achieve sustained growth and value for every stage of ownership. With a legacy spanning over 40 years, MarshBerry offers an extensive suite of services, including Investment Banking (Merger & Acquisition Advisory; Capital Raising), Financial Consulting (Strategic Planning; Valuations; Perpetuation Planning), Organic Growth Consulting (Leadership, Sales & Talent Solutions), Executive Peer Exchange, Agency Network and Market Intelligence and Performance Benchmarking. For more information, visit www.MarshBerry.com.
Investment banking services in the USA offered through MarshBerry Capital, LLC, Member FINRA and SIPC, and an affiliate of Marsh, Berry & Company, LLC, 28601 Chagrin Blvd, Suite 400, Woodmere, OH 44122 (440) 354-3230.
