First International Bank & Trust in Watford City, N.D., has bought InterceptEFT, an electronic payments processor in Fargo, N.D.
The $2.5 billion-asset unit of Watford City Bancshares said in a press release Tuesday that it plans to rebrand InterceptEFT as Kotapay. The bank did not disclose the price it paid.
“Today begins a new era for our company,” Stephen Stenehjem, First International’s chairman and CEO, said in the release. “Today, we become a critical behind-the-scenes partner for over 74,000 companies nationwide as we ensure payments reach their intended destinations.”
InterceptEFT offers electronic transaction services that include direct deposit, direct payment, credit card processing and ACH management and origination software for financial institutions. All of InterceptEFT’s employees, including former owners Craig Dresser and Bryan Smith, plan to stay with the company.
“Being a part of First International Bank & Trust means that we are backed by the security and soundness of a regulated high-performing bank giving our customers more peace of mind,” Dresser said in the release. “It allows us to expand our product and service offerings, increase our fraud detection and prevention measures and create a more streamlined and efficient operation.”
Watford City Bancshares is owned by the Stenehjem family.