First International in North Dakota buys mortgage lender

By Paul Davis March 01, 2021, 4:55 p.m. EST 1 Min Read

First International Bank & Trust in Watford City, N.D., has acquired Sodak Home Loans, a mortgage lender in Sioux Falls, S.D.

“We are thrilled to welcome the team at Sodak Home Loans,” Justin Walseth, chief growth officer at the $4.2 billion-asset First International, said in a press release Monday. “Their established and well-known lenders will be wonderful ambassadors for the [First International] brand.”

Brent VanderGriend, a former broker and owner at Sodak Home Loans, joined First International as a mortgage market manager.

First International, a unit of Watford City Bancshares, will establish a loan production office in South Dakota as part of the deal. The bank also has offices in Arizona, Minnesota and North Dakota.

The price of the deal was not disclosed.

Several banks have reached deals to buy mortgage lenders this year.

First Community Bancorp in Shelbyville, Tenn., agreed in January to buy A Mortgage Boutique, while Western Alliance Bancorp. in Phoenix struck a deal for AmeriHome Mortgage.

Paul Davis

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