South Dakota Bankers Association

South Dakota Banker
Your Premier Source to South Dakota’s Financial Services Industry | August 2015
Singing the Praises
of a Noble Profession
Meet David Bangasser,
Dacotah Bank, Sioux Falls
INSIDE . . .
What’s Your View on Mandatory
Elder Abuse Reporting?
Page 4
Making UCCs a Priority in SD
Secretary of State’s Office
Page 7
2015 National School for
Beginning Ag Bankers Is a Wrap
Page 10
Official Publication of the South Dakota Bankers Association | www.sdba.com
“It’s great to be able
to bring a program to
the table that offers
low interest and can
be used for working
capital.”
-GOED MicroLOAN Officer
Charlie Van Gerpen
ASK A LOAN OFFICER
Q: What is a MicroLOAN?
A: The MicroLOAN is a loan program for small
businesses that are in need of working capital, equipment,
real estate or other fixed-asset project costs. Loan
amounts range from $1,000 – $100,000.
Q: What kinds of lending institutions can partner with the
GOED on the MicroLOAN?
A:
Partnering organizations can be banks, credit unions,
or local regional revolving loan funds.
Q: What kind of companies are good candidates for the
MicroLOAN?
A: Whether a company is just starting or whether it is
already prospering, the MicroLOAN program is designed
to provide those additional funds needed for a company to
continue its growth.
Q: What is the interest rate?
A: Currently, the interest rate for the MicroLOAN is set at
3 percent, which is very competitive in today’s market.
Q: How are partnerships with other lenders structured?
A: Typically with a MicroLOAN, an outside lender must
provide half of the project financing and the balance will
come from the MicroLOAN and an equity injection, if it is
required by the lender. If the primary lender is a bank or
credit union, the MicroLOAN takes a second collateral
position. When the primary lender is not a bank or credit
union, the MicroLOAN takes a shared first collateral
position.
Q:
My customer needs a loan quickly. Are there any
options?
A:
Yes, the MicroLOAN Express loan program may be
for you. Please call the GOED for more details.
For more information, please contact Charlie Van Gerpen at 605-773-3301,
charlie.vangerpen@state.sd.us or visit www.sdreadytowork.com/finance
SDBA Board of Directors
Rick Rylance, Chairman
Dacotah Bank, Rapid City
South Dakota Banker
Your Premier Source to South Dakota’s Financial Services Industry
August 2015 | www.sdba.com
Paul Domke, Chairman-Elect
Heartland State Bank, Redfield
Dave Rozenboom, Vice Chairman
First PREMIER Bank, Sioux Falls
contents
George Kenzy, Immediate Past Chairman
First Fidelity Bank, Burke
Message from the Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Term Ending April 30, 2016
Ron Kristensen, Farmers and Merchants State Bank,
Plankinton
Dave Zimbeck, Citibank, N.A., Sioux Falls
What’s Your View on Mandatory Elder Abuse Reporting?
From the Executive Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Message to Congress: FISH OR CUT BAIT
Term Ending April 30, 2017
Steve Bumann, BankWest, Pierre
Shawn Rost, First Interstate Bank, Sturgis
Kevin Whitelock, Pioneer Bank & Trust, Spearfish
South Dakota Bankers Insurance & Services Update. . . . . . 6
Term Ending April 30, 2018
Jeff Davis, Bryant State Bank, Bryant
Brad Seaman, First State Bank of Warner, Aberdeen
David Bangasser, Dacotah Bank, Sioux Falls
Making UCCs a Priority in SD Secretary of State’s Office
SDBA Staff
Curt Everson, SDBA President
ceverson@sdba.com
Mike Feimer, President of Insurance and Services
mfeimer@sdba.com
Deb Gates, Administrative Vice President
debgates@sdba.com
Alisa DeMers, Communications Coordinator
ademers@sdba.com
Nadine Kepford, IS/Business Manager
nkepford@sdba.com
Jeanine Dyce, Administrative Assistant
jdyce@sdba.com
Roger Larson, Commercial Lines Specialist
rlarson@sdba.com
Michelle Guthmiller, Insurance Specialist
mguthmiller@sdba.com
Robin Feimer, Customer Service Representative
rfeimer@sdba.com
Editor: Alisa DeMers
Advertising: If you would like to advertise in South
Dakota Banker, contact Alisa DeMers at ademers@
sdba.com or call 800.726.7322.
South Dakota Banker is a monthly magazine
published by the South Dakota Bankers Association
that is dedicated to enhancing the banking profession
by providing useful and timely information on important
events and trends in the banking industry. Members are
invited to submit news and information.
The advertisements within this publication do
not necessarily represent endorsed vendors of the
SDBA. With the exception of official announcements,
the SDBA disclaims responsibility for the opinions
expressed and statements made. The editor reserves
the right to refuse any advertisement or editorial copy.
Advertising rates are available upon request.
Member banks, branches and associate members
receive one complimentary subscription. Additional
subscriptions are available to members at a rate of $45
per year. The non-member rate is $90 per year.
Serving Bankers Since 1884
Hawaii’s $205 Million Obamacare Exchange Implodes
State News. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2016 Scenes of South Dakota Calendar . . . . . . . . . . . . . . . . 8
2015 ABA National Agricultural Bankers Conference . . . . . 9
Ag Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2015 National School for Beginning Ag Bankers Is a Wrap
Meet David Bangasser, Dacotah Bank, Sioux Falls. . . . . . .12
Singing the Praises of a Noble Profession
Bankers Speak Up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Ask the Appraiser. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Appraisal Reporting—Certification and Signatures
Banker Training. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Dakota School of Banking Celebrates 42nd Year
IRA Question & Answer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Bank Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Classifieds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Education Calendar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
SDBA 2015 IRA School. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
South Dakota Bankers Association
109 West Missouri Avenue, PO Box 1081
Pierre, SD 57501
Phone: 605.224.1653 Fax: 605.224.7835
Website: www.sdba.com
message from the chairman
BY RICK RYLANCE | Regional President | Dacotah Bank, Rapid City
What’s Your View on Mandatory Elder Abuse Reporting?
T
he past couple of weeks have
been busy. SDBA President Curt
Everson, SDBA Chairman-Elect
Paul Domke and I were in Baltimore,
Md., for the ABA Summer Leadership
Meeting. It was a good meeting with
some excellent topics.
One area that came up was
young banker leadership. It seems that most of the state
associations have some type of leadership program for the
development of younger professionals. As you may recall,
I talked about getting our younger bank professionals
more involved in the SDBA in last month’s column. This
may be something we should look into if our membership
thinks it is a good idea or that there is a need.
Kristina Schaefer, a lawyer with First Bank & Trust
in Sioux Falls, and I attended our first Elder Abuse Task
Force meeting on July 20, 2015. Curt also was there to
keep up on what is happening.
The task force was created to study the prevalence
and impact of elder abuse in South Dakota and make
recommendations on policies and legislation to effectively
address this issue. Our directive from the State Legislature
is to come up with some type of action or bill to consider
during the 2016 Session.
Although it was an organizational meeting, we did
hear from experts in the field as to prosecution of cases
involving elder abuse. I am not sure where we will end
up at, but at this point is looks like financial abuse is on
the front burner. The prosecutor from San Diego County
in California called for every state to pass a law requiring
banks to have mandatory reporting of suspicious activity
of elder abuse.
We will get a better understanding of where this
is headed after next month’s meeting, but you can
be assured that Curt, Kristina, SDBA Legal Counsel
Brett Koenecke and I will keep you informed as things
progress. We are interested in your views, either pro or
con, on the subject of mandatory reporting to the state or
local law enforcement on suspected elder abuse. Please
drop us a note with your opinion.
As always, if something comes up please feel free to
contact me. n
SDBA leadership presented a $12,495 check from SDBankPAC
to ABA BankPac during the ABA’s Summer Leadership
Meeting. From left is SDBA Chairman-Elect Paul Domke, ABA
BankPac Chairman W. Wes Hoskins, SDBA Chairman Rick
Rylance, Incoming ABA President/CEO Rob Nichols, ABA
Chairman John A. Ikard, and SDBA President Curt Everson.
Rick Rylance is regional president for Dacotah Bank in
Rapid City. Rylance can be reached at 605.394-9000 or rick.
rylance@dacotahbank.com.
4
South Dakota Banker | August 2015 | www.sdba.com
from the executive office
BY CURT EVERSON | President | South Dakota Bankers Association
Message to Congress: FISH OR CUT BAIT
M
y favorite summer pastime
involves the transfer of
sometimes finicky walleye
from Lake Oahe to my Lund’s live-well
to my dinner plate. When and why
those tasty entrées decide to bite instead
of ignoring everything I throw at them
is an ongoing mystery to me. Hungry
fish notwithstanding, any summer day on the Missouri
River is a great day.
Speaking of summer, a couple of weeks ago SDBA
Chairman Rick Rylance, Chairman-Elect Paul Domke
and I attended the ABA’s Summer Leadership Meeting in
Baltimore, Md.
During one segment of the conference, ABA
Government Relations Council Chair Laurie Stewart
president/CEO of Seattle-based Sound Community
Bank, and Vice Chairman Paul Willson, chairman of
Citizens National Bank of Athens, Texas, joined the
ABA’s James Ballentine and Wayne Abernathy to provide
a progress report on the ABA’s government relations
policy priorities in the current Congress. Our industry’s
legislative and regulatory priorities, of which there are
many, fall into one of five general categories:
●● A Level Playing Field and Charter Choice
●● Remove Impediments to Serving Customers
●● Protect the Payments System
●● Cybersecurity and Data Breaches
●● Regulation Appropriate to Business Models
You can easily access an up-to-date copy of the
ABA’s Government Relations Action Update at www.aba.
com. Click on the “policy issues“ tab. While numerous
legislative and regulatory actions are in play in each of
these general areas, much of the panel discussion centered
on two specific legislative concepts.
The first is S.1484, the Financial Regulatory
Improvement Act of 2015 as introduced by Senate
Banking Committee Chairman Richard Shelby (R-Ala.).
Comprised of 71 sections, the bill includes simple but
necessary technical corrections to Dodd-Frank as well
as several substantive measures aimed at reducing
regulatory impediments that currently restrict banks’
ability to serve the needs of their customers and to reduce
costs and hassles associated with unnecessary compliance
exercises. The bill passed out of the Chairman’s committee
on June 2 by a partisan 12-10 vote.
The second is H.R 2896, the Taking Account of
Institutions with Low Operation Risk (TAILOR) Act
of 2015 as introduced by Congressman Scott Tipton
(R-Colo.). This bill directs federal bank and credit union
regulators, when taking regulatory action, to consider the
risk profile and business model of an institution or class
of institutions involved. If taking that regulatory action is
not necessary or appropriate for the institution(s) given
the cost and complexity involved, the regulator is directed
to “tailor” that regulatory action to limit its compliance
impact, cost and other burdens.
During his remarks, Ballentine strongly urged bankers
and state trade association officials to push their members
of Congress to support both of these bills. Sen. Rounds
supported the Shelby bill in committee. I have spoken
with staff in Sen. Thune’s office, requesting his support
of the Shelby bill when or if it comes up for a vote on the
Senate floor.
Along with my peers from 52 other state banking
trade associations, I signed in July a joint letter urging
every member of the U.S. House of Representatives to
co-sponsor and vote in support of Tipton’s TAILOR Act.
I have personally contacted staff for Congresswoman
Noem with that same request.
In the weeks ahead, you will be asked to engage in
various types of grassroots efforts in support of both
of these measures. Please answer those calls when they
come. In the five years since the passage of Dodd-Frank,
we have all heard from members of both political parties
that they support their hometown banks. Unfortunately,
in too many cases, talk has been cheap. It is time for
Republicans and Democrats to take action this year and
vote for meaningful regulatory relief measures like S.1484
and H.R.2896.
I will close where I started….fishing. According to
Wikipedia:
“Fish or cut bait is a common English language colloquial
expression, dating back to the 19th-century United States,
that advises for teamwork. The use of this expression has
expanded over time, sometimes including the ideas of swift
decision-making (to act or not to act), and cautions against
procrastination and/or indecisiveness.”
Members of Congress, Dodd-Frank wasn’t a perfect
bill. In its entire history, it is highly unlikely that Congress
ever passed a bill that didn’t deserve a second look.
Changes are needed in order to allow banks to best
serve the needs of their customers. Not with one-sizefits-all products and services. Not with one-size-fits-all
regulations. Rather, with customized approaches suitable
and appropriate for both banks and their customers. Now
is the time to FISH OR CUT BAIT. Which will it be? n
Curt Everson is president of the South Dakota Bankers
Association. Everson can be reached at 605.224-1653 or
ceverson@sdba.com.
South Dakota Banker | August 2015 | www.sdba.com
5
south dakota bankers insurance & services update
BY MIKE FEIMER | President | South Dakota Bankers Insurance & Services Inc.
Hawaii’s $205 Million Obamacare Exchange Implodes
A
s we get further down the road
of implementing Obamacare,
we start uncovering all of the
pitfalls.
The tremendous amount of
IRS forms requiring extensive time
commitment to understand the
confusing, complicated forms has
generated nothing but more costs for businesses.
I had 24 state banking associations at The Lodge
in Deadwood at the end of July for a conference. The
overwhelming concern by these state associations is how
do they fill out the IRS form 6605/6606 for their member
banks. We have some large association plans that are
paying in excess of $1,000,000 to the IRS just because they
have good reserves.
This is completely illogical. We as a country
have moved in the completely wrong direction with
Obamacare—deductibles have increase to $10,000 and
single males are now paying for maternity benefits.
Please take a few minutes and read this article from
Alexander Hendrie, who is a federal affairs associate at
Americans for Tax Reform in Washington, D.C.
By Alexander, Hendrie, Americans for Tax Reform,
Washington, D.C., May 12, 2015
D
espite more than $205 million in federal taxpayer
funding, Hawaii’s Obamacare exchange website
will soon shut down. Since its implementation, the
exchange has somehow failed to become financially viable
because of lower-than-expected Obamacare enrollment
figures. With the state legislature rejecting a $28 million
bailout, the website will now be unable to operate past
this year.
According to the Honolulu Star-Advertiser, the
Hawaii Health Connector will stop taking new enrollees
on Friday and plans to begin migrating to the federallyrun Healthcare.gov. Outreach services will end by May
31, all technology will be transferred to the state by Sept.
30, and its workforce will be eliminated by Feb. 28.
While the exchange has struggled since its creation, it
is not for lack of funding. Since 2011, Hawaii has received
a total of $205,342,270 in federal grant money from the
Department of Health and Human Services (HHS). In
total, HHS provided nearly $4.5 billion to Hawaii and
other state exchanges, with little federal oversight and
virtually no strings attached.
Despite this generous funding, the exchange has
underperformed from day one. In its first year, Hawaii
enrolled only 8,592 individuals—meaning it spent almost
6
Graphic by Charles Fettinger.
$23,899 on its website for each individual enrolled.
Currently, more than 37,000 individuals are enrolled in
Hawaii’s exchange—well below the estimated 70,000
enrollees that is required to make the website financially
viable. Unfortunately, taxpayers will have to hand out an
additional $30 million so that Hawaii can migrate to the
federal system.
This is not the first time that a state exchange has
failed and taken millions of dollars in federal funds
down with it. Earlier this year, Oregon’s state exchange
was officially abolished at an estimated cost of $41
million. Cover Oregon, as it used to be known, received
$305 million in funds from HHS but failed to produce
a workable website months after the 2013 November
deadline. The debacle has promoted numerous federal
agencies and organizations to investigate allegations of
inappropriate political interference from then Governor
Kitzhaber’s 2014 re-election campaign.
Hawaii now joins Oregon, Massachusetts, Maryland,
Vermont, New Mexico and Nevada as cautionary tales
in government central planning. With so many failed
state exchanges, questions need to be asked about the
haphazard allocation of billions of dollars in taxpayer
funds and the complete lack of oversight. n
Mike Feimer is president of South Dakota Bankers
Insurance & Services (SDBIS) Inc. Feimer can be reached at
605.660.2341 or mfeimer@sdba.com.
South Dakota Banker | August 2015 | www.sdba.com
state news
Making UCCs a Priority in SD Secretary of State’s Office
BY SHANTEL KREBS | Secretary of State | State of South
Dakota
ov. Bill Janklow once said, “As
an official, you will have issues
that are urgent and those that
are important. If you spend your time
on every issue that is urgent, you will
never get to what’s important.”
When I took office Jan. 2, 2015, we
were confronted by one of those issues
that is both urgent and important.
One of the critical reasons I decided to run for this
office is that as a business owner and legislator, I often
heard about the delays and frustration in Uniform
Commercial Code (UCC) filings in the Secretary of State’s
office. These filings are of paramount importance to the
banking and lending industry. However, after being
sworn in, we discovered that things were much worse
than we had anticipated in the business division. UCCs
were 75 days out. State statutes say that UCCs are to be
filed within two days of arriving at the office.
Obviously, statutory compliance was not taking
place. Once we became aware of the delays in UCCs, our
goal of 24 to 48-hour filing of almost all documents that
must be filed in the Secretary of State’s office became
my administration’s top priority for the 2015 Legislative
Session. We recognized that in order to do this, we must
have the tools that allow the user to submit most, if not
all, the documents online for our office to review.
When we came forward with our proposal for online
UCC filings, we were incredibly appreciative that the
Governor’s office and the Legislature recognized the
importance of statutory compliance of UCCs for South
Dakota’s lending system.
We also had strong advocates in three former bankers
and current state senators: Jim White (Huron), Bruce
Rampelberg (Rapid City) and Mike Vehle (Mitchell).
These three legislators highlight one of the critical aspects
in which South Dakota is blessed to have a citizen
legislature. Their thorough understanding and support of
this issue was instrumental in seeing it through.
Because the Secretary of State, Legislature and
Governor worked strongly together, we now have a
contract with a software company that has done extensive
work with neighboring states and will ensure that UCCs
will be within statutory compliance by the beginning of
the fall. This will allow users to enter data online, and our
office will approve their filing within 48 hours. The cost of
the upgrade is approximately $275,000.
UCCs are now only three weeks out. In the corporate
wing of the business division of the Secretary of State’s
office, all the pertinent information on every paper filing
that is sent in has to be entered one keystroke at a time.
G
Similarly, the business filings and annual reports were
five weeks out when I took office seven months ago. State
law says they must be processed within five days. We
will propose a similar Web-based solution that will allow
users to enter their data and our office to approve the
forms within 48 hours and live up to the timely response
today’s business environment expects.
In fiscal year 2002, there were just more than 41,000
annual reports filed. By 2008 there were 54,500, and in
2015 there were 68,000 annual reports filed. This was
accomplished with 2.5 full time employees (FTEs), the
same as in 2002. UCC Filings were 63,435 for which there
were 1.5 FTEs.
Business in South Dakota is growing at a rapid rate,
nearly doubling the annual report filings since 2002.
However, this office still maintains a staff of the same size
13 years later and with twice the workload. Currently,
there are more than 154,000 corporations filing in South
Dakota compared to 54,000 in 2008, and that number will
only increase as our state’s population approaches the one
million mark.
The offices of state government that private
enterprises rely on to conduct business must be
responsive. The Secretary of State is most likely the first
government institution that a new business will come in
contact with. That experience should be friendly, simple
and efficient. This office, like all of state government,
should be here to serve you and then get out of the way.
Please don’t hesitate to contact the Secretary of State’s
office with further questions. n
Shantel Krebs has served as South Dakota Secretary of
State since January 2015. She has worked in the healthcare
industry, business consulting and entrepreneurship. She
concluded a decade-long tenure in the South Dakota State
Legislature in 2014. Krebs can be reached at 605.773.3537 or
sdsos@state.sd.us.
South Dakota Banker | August 2015 | www.sdba.com
7
2015
ABA National Agricultural
Bankers Conference
POSITION TO TRANSITION
How to Navigate Volatile Times
October 25–28, 2015
Kansas City Marriott Downtown and Kansas City Convention Center
Kansas City, Missouri
Uncertain times are inevitable. The challenge is
developing the agility to position yourself for growth
and profitability—no matter what the economic climate
may be.
Join ABA and agricultural bankers from across the
U.S. this October as we shed light on the opportunities
rooted in developing real strategies to manage risk,
work smarter and strengthen customer relationships
that will prepare you for a successful—and
sustainable—transition from a predictable business
climate to one with new challenges.
Register today.
aba.com/AgConference2015
ag banking
2015 National School for Beginning
Ag Lenders Is a Wrap
Seventy-two bankers from eight states attended the 2015 National School for Beginning Ag Lenders.
By Deb Gates, SDBA Administrative Vice President
T
he SDBA hosted Fundamentals of Ag Lending: 2015
National School for Beginning Ag Lenders June
22-25 at Black Hills State University in Spearfish.
Lead instructor Dr. Dave Kohl, professor emeritus
at Virginia Tech and president of AgriVisions, said the
2015 class is one of the best he has had the privilege of
teaching. And his co-instructors, Denny Everson, First
Dakota National Bank in Yankton, and Bob Craven,
Center for Farm Financial Management at the University
of Minnesota in St. Paul, agreed.
Seventy-two students from South Dakota, North
Dakota, Minnesota, Wisconsin, Wyoming, Oklahoma,
Oregon and Arizona reported it was one of the best ag
lending educations they have received.
Written comments from this year’s school included:
●● “I felt that everything about the school was very well
thought out and organized. It was very easy to stay
engaged, and networking was not an issue. Overall,
the quality of the school was exceptional!”
●● “The experience I took away from the Beginning
10
School was fantastic.”
●● About Lead Instructor Dave Kohl: “Best instructor
I’ve ever had!” “Dr. Kohl was a terrific speaker. I
think I could listen to him lecture for weeks. I really
enjoyed his broad-ranging knowledge.” “All I can say
is WOW! He made the topics so interesting and did it
with so much energy.” “If you have to sit and listen
to a program on economics and analyzing credit for a
couple days . . . he is the guy to listen to! Fantastic!” “I
have never had a more engaging, knowledgeable and
entertaining instructor! I learned a lot and was never
bored.”
●● “All the instructors were awesome!”
●● “My employer was very adamant that I attend this
course. . .and now I understand why!”
Next year’s National School for Experienced Ag
Lenders will be held June 20-23, 2016, at Black Hills
State University in Spearfish. Students will be able to
experience a brand-new dormitory and private rooms. n
South Dakota Banker | August 2015 | www.sdba.com
From left, Chad Johnson, Welch State Bank, Welch, Okla.;
Erika Guthmiller, First PREMIER Bank, Watertown; Tammy
King-Crossley, Umpqua Bank, Tillamook, Ore.; and Jeremy
Syrovatka, Security State Bank, Tyndall.
From left, Bridget Meyers and Brian Danielson, Security State
Bank of Lewiston, Spring Valley, Minn.; Jarrod Kannas, U.S.
Bank, Aberdeen; and Lindsey Stephenson, Rolling Hills Bank
Torrington, Wyo.
From left, instructors and staff Bob Craven, Dr. Dave Kohl,
Deb Gates and Denny Everson.
From left, Robbie Williams, Ipswich State Bank, Ipswich;
Ashley Schmitt, Minnwest Bank; Dawson, Minn.; Jacob
Bothun, Granite Falls Bank, Granite Falls, Minn.; Matthew
Baune, Integrity Bank Plus, Wabasso, Minn.; and Michael
Hall, Heartland State Bank, Highmore.
Producer panel (left to right): Monty and Bobbi Williams,
Box Elder; Jeff and Kim Smeenk, Newell; and Eric Jennings,
Spearfish.
From left, BankWest lenders Hayden Handcock, Onida; Jason
Grim, Gregory; and Jesse Foster, Pierre.
See the list of South Dakota graduates on page 18
South Dakota Banker | August 2015 | www.sdba.com
11
Singing the Praises of a Noble Profession
Meet David Bangasser,
Dacotah Bank, Sioux Falls
By Alisa DeMers, Editor
D
avid Bangasser’s parents
taught him not to be afraid of
hard work. Bangasser spent
the first 10-plus years of his banking
career emerging from downsizing,
mergers and acquisitions.
Since then, he has spent the past
20 years helping Dacotah Bank build
its presence in the Sioux Falls market.
Today, he is not only the Sioux Falls
market manager but also Dacotah
Bank’s southeast regional president.
Bangasser is now also serving
his first term on the South Dakota
Bankers Association’s Board of
Directors, representing banks
in the Large Commercial Bank
Category. As an industry leader,
he wants to help banking remain a
12
rewarding profession for the younger
generation.
“It is a noble career—a noble
profession. I don’t second guess my
career choice at all, but I don’t think
we can ever rest to keep it that way,”
Bangasser explained. “So we in those
leadership roles now have to work
hard to make it a viable career option
for the next generation.”
A Solid Work Ethic
Bangasser is the sixth of eight
children in his family. His father was
a master carpenter in Sioux Falls, but
in 1964 he decided to purchase the
third-generation family farm from his
uncle. Bangasser was only two-and-a
half years old when they moved to
the farm, which was north of Sioux
Falls near Renner. His dad operated
a small, “low-tech” dairy and raised
hogs and crops to feed the livestock.
“I did plenty of bailing hay and
cleaning out the barns,” Bangasser
recalled. “I have two older brothers,
and I was too young to be expected
to do a lot of the chores. They caught
the worst of it. And by the time I
was eight or nine, dad decided not to
milk anymore and sold the cows.”
Bangasser said his parents raised
eight kids with not much money, but
with a lot of faith and hard work.
His dad returned to carpentry in the
early 1970s and moved the family to
Brandon in 1976, when he sold the
farm. Bangasser was a freshman in
South Dakota Banker | August 2015 | www.sdba.com
high school when the family moved
to Brandon, which is located five
miles east of Sioux Falls.
“Growing up on the farm and
having eight kids, we played every
sport imaginable,” he recalled. “But
I couldn’t participate in organized
sports because we were out on the
farm and how do you get eight kids
into town to play soccer or baseball.
I migrated to basketball because
that was something I could play and
practice on my own.”
Bangasser played basketball
throughout high school. Another
activity which he enjoyed in high
school was choral music. Bangasser
also tried football and track as a
freshman and ran cross country
during his sophomore year.
His first real job was as a
dishwasher and bus boy at Minervas
Restaurant in Sioux Falls. He
graduated from Brandon Valley
High School in 1980 and considered
teaching history and coaching
basketball.
Determined to Work in
Banking
Bangasser attended Sioux Falls
College (now University of Sioux
Falls), where he studied business
administration and management.
Because of a downturn in the
economy, Bangasser’s father decided
to relocate his home building
business to the Twin Cities. After
completing one semester of college,
Bangasser realized the only way he
could afford to continue in school
was to move in with his family in the
Twin Cities, work for a year and save
some money.
In the fall of 1981, Bangasser
returned to Sioux Falls when he
became engaged to his high school
sweetheart, Karen. The couple was
married in 1982, and Bangasser
continued his education at Sioux
Falls College.
While in college, Bangasser
worked full time in the afternoons
and evenings at Western Bank (now
part of U.S. Bank) in Sioux Falls. He
worked as a teller in the afternoons
and in bookkeeping during the
evenings.
After he received his associate
degree in 1982, Western Bank
offered Bangasser a job in mortgage
servicing. But in 1985, his job was
eliminated due to downsizing.
“In 1985, banking wasn’t what
it is now in Sioux Falls,” Bangasser
recalled. “The financial services
growth in Sioux Falls was just getting
rolling.”
With more job opportunities in
the Twin Cities, Bangasser moved
his family there in 1985. He worked
in consumer mortgages at Security
Pacific Mortgage Corporation until
the company sold its mortgage
division to another bank.
Bangasser next worked in
real estate and consumer lending
for Heritage National Bank, a
community bank in North St.
Paul. His next opportunity for
advancement was overseeing small
business banking at two branches of
Firstar Bank of Minnesota.
Bangasser worked at Firstar Bank
from 1988 to 1992, when he went to
work for American National Bank
in St. Paul in its business banking
department. In 1995, Bangasser was
ready for more stable employment.
Because Bangasser worked in
downtown St. Paul and his wife
took the bus to work in downtown
Minneapolis, it was difficult for
them to get their young daughter to
activities in which she was interested.
“We started to look to see if
there were other options,” he said.
“We wanted to get out of the metro
area. It didn’t necessarily have to be
Sioux Falls, but we wanted to get
somewhere smaller.”
A Home at Dacotah Bank
Dacotah Bank’s downtown Sioux Falls location is at 300 S. Phillips Ave. in the
Phillips Centre.
The person who hired Bangasser
at American National Bank, Joe
Brunner, was also his instructor at
the Minnesota School of Banking in
1991-1992. Bangasser remained in
touch with Brunner after Brunner left
the bank and went into consulting.
“He knew I was looking and
kept an eye out for me. He told me
he was working for this holding
company out of Aberdeen, S.D.,
and they were really looking to
South Dakota Banker | August 2015 | www.sdba.com
13
grow,” Bangasser said. “He knew
they were doing some expansion in
eastern South Dakota. So I sent Dick
Westra (former president/CEO and
now chairman of Dacotach Bank)
a resume, and that is how I was
introduced to Dacotah Bank.”
Dacotah Bank was looking to
build a more regional presence in
Sioux Falls and was building the
Phillips Centre, a new site to house
its downtown location.
“The job had a lot of benefits that
we wanted to gain for our daughter
and family,” he reflected. “Living
in Sioux Falls provided her the
opportunities to do what she wanted.
But it was also a great career move
for me, and I have felt at home since
the very first day.
“I have chosen to work for a
more closely-held company. I know
the people and owners that I work
for. This just fits me better, and it’s
where I want to be.”
History of Dacotah Bank
In 1955, individuals prominent
in banking and investing chartered
Farmers and Merchants Bank of
Aberdeen. Several of the same
individuals in 1964 organized
Dacotah Bank Holding Company,
which later became Dacotah Banks,
Inc. (DBI).
The firm initially acquired
controlling interest in Security
Bank in Webster and its associated
insurance agency and building
company. In 1969, it received
regulatory approval as a registered
bank holding company and
purchased controlling interest in
Farmers and Merchants Bank in
Aberdeen as well as Citizens State
Bank in Clark and Citizens Bank at
Mobridge.
In 1971, DBI filed with the
Securities and Exchange Commission
to become a publicly-traded
company and used the net proceeds
from the stock sales to acquire an
interest in Bank of Lemmon. The
holding company returned to being
a privately-held firm in 1993 and
collapsed all of its charters into one
Aberdeen-based bank in 1997.
The 1990s also ushered in a new
expansion phase for Dacotah Bank.
14
David Bangasser meets with staff members at Dacotah Bank’s downtown Sioux Falls
location at 300 S. Phillips Ave.
In 1990, the bank received approval
to establish a branch on the west side
of Sioux Falls at 1707 S. Marion Road.
The bank opened a second Sioux
Falls location downtown at 300 S.
Phillips Ave. in 1994.
Today, Dacotah Bank has four
locations in Sioux Falls which employ
around 45 people.
“Sioux Falls at that time
was going through a monstrous
boom in development—housing
growth, land development and
commercial growth. Dacotah Bank
was positioned well to earn a piece
of that, even though we only had
a small physical presence in Sioux
Falls,” Bangasser said. “With the
financial footings of the bank, being
a large enough bank, we could step
into some larger deals. We built a lot
of relationships that way. We still
have many customers that were our
original customers 20 years ago and
have been able to grow with them.”
A Player in the Sioux Falls
Market
When Bangasser first joined
Dacotah Bank, he worked primarily
in commercial and small business
banking. He was also hired as market
manager of the Sioux Falls locations.
Today, he oversees the bank’s four
locations in Sioux Falls as well
as banks in Clark, Brookings and
Watertown.
“I have migrated more toward
management and credit oversight
and things of that nature for the
market and region and less of a
direct relationship manager, which at
times I do miss,” he explained.
“I now enjoy watching people
grow—it is coaching, mentoring
and watching someone go from an
inexperienced banker to being a very
valued employee in this industry.”
Today, Dactotah Bank has 34
locations in South Dakota, North
Dakota and Minnesota. The bank’s
newest location is in Jamestown,
N.D. Bangasser said the bank is
always looking for good fits for its
company and growth opportunities.
Around 10 Dacotah Bank
employees who work for the main
bank in areas such as IT, compliance,
trust and wealth management are
located at the Phillips Centre location
but don’t report to Bangasser.
“We have the ability to house
people here that work for our central
bank in Aberdeen,” he said. “As we
expand, grow and need specialists in
our industry, our footprint in North
and South Dakota and Minnesota
provides opportunity to expand the
talent pool.”
South Dakota Banker | August 2015 | www.sdba.com
benefit of having some camaraderie
and using a talent you like to use, but
you also get to help do a lot of good
for people who need it.”
Working Hard for the
Industry’s Future
David and Karen Bangasser have one daughter, Megan. From left are Dustin and
Megan Hartz and Karen and David. In front are grandsons Cohen and Cade Hartz.
Bangasser describes Dacotah
Bank as a more traditional bank and
the 18th largest ag lender in the U.S.
System-wide, Dacotah Bank‘s loan
portfolio is 45 percent agricultural,
45 commercial and 10 percent
consumer.
“We are very traditional, but we
have all the non-traditional services,
mortgage banking, trust services,
investments and insurance,“ he said.
“We want to remain an independent
community bank. We want to grow
consistently in assets and earnings
each year. And we want to do that
in a way which exercises our sound
policies and procedures and keeps
us in good standings with our
regulators, which we are.”
Time Outside of Banking
In addition to serving on the
SDBA Board of Directors, Bangasser
is a board member and classroom
volunteer with Junior Achievement
of Sioux Falls, chief of staff for El
Riad Shriners and a board member
for Singing Boys of Sioux Falls. He
previously served as board chair
for Downtown Sioux Falls and
Great Plains Zoo, foundation board
member for South Dakota Achieve,
and an ambassador for the Sioux
Falls Chamber of Commerce.
In his free time, Bangasser
enjoys fishing and boating with his
family. The family takes an annual
summer trip to a resort on Leech
Lake near Walker, Minn. And having
previously lived in the Cities for 10
years, they are avid Minnesota Twins
fans.
His wife, Karen, works at the
University of Sioux Falls as the
executive assistant to the president
and oversees the Board of Trustees.
The couple has one daughter, Megan
Hartz.
Megan works part time for a
financial services office in Dakota
Dunes and is also a stay-at-home
mom. Her husband, Dustin, is a sales
manager for Billion Automotive. The
couple has two children: Cohen, 7,
and Cade, 6.
Bangasser continues to enjoy
choral singing and has been part
of the El Riad Shriners Chanters
Chorus, a 30-person men’s chorus,
for the past nine years. The Chanters
Chorus sings for various Masonic
and Shrine functions, as well as
performs in concert, at churches,
retirement homes, parties, charitable
functions, weddings, funerals and
other programs.
“I really believe in the mission
of the Shriners and the Shriners
Hospitals for Children,”he said. “It is
a great philanthropy and you get the
Bangasser said he believes the
biggest challenge right now for
the banking industry is people—
workforce development. For a long
time, he said the industry has been
too efficiency driven, regulatory
oversight got too overbearing, and
a lot of talented people left the
industry. He sees a lack of good,
middle-level, quality lenders,
consultants and bankers.
“We really need to work hard
to make our industry palatable to
college graduates and something that
they can see themselves doing for 40
years with career growth,” Bangasser
explained.
Dacotah Bank is working on a
new internal management training
program called The Academy.
The bank was also involved in the
creation of the banking and financial
services program at Northern State
University (NSU) in Aberdeen seven
years ago. They recently funded a
collaboration between NSU banking
and finance majors to take online
classes from South Dakota State
University for an ag business minor,
and vice versa.
In addition to his parents,
Bangasser’s mentors have been
management at Dacotah Bank —
current Board Chairman Dick Westra
(a past SDBA chairman), President/
CEO Joe Senger and Rod Fouberg,
who recently retired but still sits
on the bank’s Board of Directors.
Bangasser was encouraged to become
involved in the SDBA by following
his mentors’ past leadership roles
in the industry. He has also worked
closely with SDBA Chairman Rick
Rylance, Dacotah Bank’s western
regional president in Rapid City.
“These are banking professionals
who are extremely community-bank
orientated. They take pride in the
industry,” Bangasser said. “We have
served because we feel giving back is
the right thing to do—it is part of our
culture.” n
South Dakota Banker | August 2015 | www.sdba.com
15
SPEAK UP. Make an Impact.
Bankers Speak Up, a grassroots communications platform from the American Bankers
Association, helps banks promote the work they do to better their communities. The
Bankers Speak Up website makes it easy for you to get the word out, with resources that
include positive messages, sample speeches and letters, instructions for hosting a bank
visit, media interview tips and much more.
Register today at aba.com/SpeakUp
ABA membership not required
New on the Site!
Take Your Lawmaker to Work Week
September 21–25, 2015
Invite your congressmen to visit your bank and help keep our
industry’s legislative priorities top-of-mind in Washington.
All the materials you need—including invitation
templates, resources to prep your staff and tips for followup communication—are available on the site, making
participation easy.
ask the appraiser
BY SHERRY BREN | Executive Director | South Dakota Appraiser Certification Program
Appraisal Reporting: Certification & Signatures
Changing the Certification
Question: Must the certification be
exactly the same as that presented in
USPAP? May an appraiser add items to
the certification?
Response: USPAP states that
the report must contain a signed
certification that is similar in content
to the form provided in the rules related to reporting.
An appraiser may modify or add to the certification
as necessary. For example, the names of appraisers
providing significant appraisal assistance who do not sign
the certification must be stated in the certification. There
are also certification requirements in some jurisdictions for
real property appraisal certifications and licenses as well
as requirements related to membership in a professional
association. Clients, intended users and the intended use
may also require additional certification items.
Appraisers using preprinted appraisal forms should
be aware that clients and client groups may prohibit
altering the preprinted certification used in assignments
performed for them, but any such prohibition is not
contained in USPAP.
Revising Pre-Printed Certification to
Disclose Prior Services
Question: I perform residential real estate appraisals
using “standard” pre-printed appraisal forms, such as
those developed by Fannie Mae. I’ve heard that Fannie
Mae does not allow any changes to their certifications,
so how can I comply with the USPAP requirement to
disclose, in the certification, any prior services I have or
have not performed on the property within the prior three
years?
Response: Fannie Mae does not prohibit additional
certifications to their appraisal forms, as long as those
additional certifications do not conflict with or diminish
the “standard” certification items appearing on their
forms. Therefore, appraisers may create an additional
certification to comply with the obligations of the Conduct
section of the ETHICS RULE.
Does USPAP Define Supervisory
Appraiser?
Question: The term supervisory appraiser is used in
many appraisal reports, particularly residential appraisal
reports. Does USPAP define supervisory appraiser?
Response: No. USPAP does not define or otherwise
address this term. The term supervisory appraiser
was introduced by the authors of several widely-used
residential appraisal report forms.
However it should be noted that an appraiser who
signs any part of the appraisal report, including a letter of
transmittal, must also sign the certification.
Notice: South Dakota does not allow an appraisal
management company to prohibit an appraiser from
reporting the fee paid to the appraiser in the body of the
appraisal report. Violation of ARSD 20:77:07:03 is grounds
for disciplinary action against the appraisal management
company.
Notice: Public information regarding disciplinary
action taken against an appraiser is available upon
written request to the South Dakota Department of Labor
and Regulation’s Appraiser Certification Program at
the address or email below. Include in the request for
information the name of the appraiser and the appraiser’s
city and state of residence. (Disciplinary action may
include denial, suspension, censure, reprimand or
revocation of a certificate by the department.) n
If you have an appraisal related question that you would
like to have answered in the “Ask the Appraiser” column,
submit it to Sherry Bren, executive director of the Appraiser
Certification Program, 308 S. Pierre St., Pierre, SD 57501,
fax 605.773.5405 or by email at Sherry.Bren@state.sd.us.
ABA Seeks Input on Third Phase of EGRPRA Review
With the regulatory agencies currently seeking
comments in the third phase of their decennial
Economic Growth and Regulatory Paperwork
Reduction Act review cycle, ABA is inviting bankers
to share their perspectives on ways to streamline
regulation related to consumer protection; money
laundering; and directors, officers and trustees.
Comments are due on Sept. 3. Learn more at www.
aba.com/Issues/Index/Pages/egrpra.aspx. For more
information or to participate in ABA’s comment letter,
contact ABA’s Shaun Kern at skern@aba.com. n
South Dakota Banker | August 2015 | www.sdba.com
17
banker training
2015 National School for
Beginning Ag Bankers SD
Graduates
T
he following South Dakota bankers graduated from
the Fundamentals of Ag Lending: 2015 National
School for Beginning Ag Lenders, held June 22-25
at Black Hills State University, Spearfish.
●● Jason Baszler, American Bank & Trust, DeSmet
●● Lance Bialas, Security State Bank, Chancellor
Twenty-three students, including five from South Dakota,
graduated from the 2015 Dakota School of Banking.
Dakota School of Banking
Celebrates 42nd Year
T
his summer, the Dakota School of Banking (DSB)
marked its 42nd year. Fifty-six bankers from
three states attended the school—with 33 firstyear students and 23 second-year students. The school,
sponsored by the North Dakota Bankers Association
and endorsed by the SDBA, was held June 14-19 on the
University of Jamestown campus in Jamestown, N.D.,
where it has been held since 1997.
“The Dakota School of Banking offers important
perspectives on forces that shape the banking industry,”
said Dorothy Lick, NDBA senior vice president of
education. “Through a well-rounded educational
experience that develops skills and creates a resources
network, DSB students enhance their performance to
thrive in the evolving financial services marketplace.”
Students at the Dakota School of Banking are enrolled
for two years, attending one week each summer. The
first-year session provides a general overview of the
banking industry and the departments that make up
a bank. The second-year session builds on the general
banking knowledge gained in the first year and adds a
computerized bank management simulation to reinforce
technical and functional management skills.
The following South Dakota graduates completed
year two of the school: Jess Burchill, FDIC, Sioux Falls;
B.J. Wiest, Dacotah Bank, Mobridge; Josh Soodsma, Eide
Bailly LLP, Sioux Falls; Brad Jacobson, Bryant State Bank,
Bryant; and Eric Swanson, First Interstate Bank, Sturgis.
Soodsma was also part of the 2015 top BankExec team.
Instructors at the school include bankers, attorneys,
accountants and consultants. Sessions combine lecture,
hands-on activities and testing.
Mark your calendars for the 43rd session of the
Dakota School of Banking, which will be held June 19-24,
2016, at University of Jamestown. n
18
●● James Bohnsack, First Dakota National Bank,
Vermillion
●● Tyson Decker, American Bank & Trust, Huron
●● Jesse Foster, BankWest, Pierre
●● Tim Glover, First Fidelity Bank, Platte
●● Jason Grim, BankWest Inc., Gregory
●● Erika Guthmiller, First PREMIER Bank, Watertown
●● Michael Hall, Heartland State Bank, Highmore
●● Hayden Handcock, BankWest Inc., Onida
●● Austin Havlik, First Bank & Trust, Brookings
●● Mavrick Hill, Commercial State Bank, Wagner
●● Wade Hoesing, Quoin Financial Bank, Highmore
●● Jarrod Kannas, U.S. Bank, Aberdeen
●● James Kuch, U.S. Bank, Aberdeen
●● JoshLawson, Home Federal Bank, Mitchell
●● Derek Little, First Dakota National Bank, Kimball
●● Belinda Mitchell, BankWest, Kadoka
●● Tony Nour, First PREMIER Bank, Sioux Falls
●● Ashley Olson, Sunrise Bank, Onida
●● Lee Plott, Wells Fargo, Sioux Falls
●● Brady Schlechter, Division of Banking, Pierre
●● Brett Schnabel, First State Bank of Armour, Delmont
●● Lindsey Schoeberl, MetaBank, Brookings
●● Darin Schroeder, The First National Bank in Sioux
Falls, Sioux Falls
●● Jeremy Syrovatka, Security State Bank, Tyndall
●● Dustin Vanderham, First State Bank, Geddes
●● Jacob Wagner, SD Governor’s Office of Economic
Development, Pierre
●● AlexWagner, First Dakota National Bank, Utica
●● Robbie Williams, Ipswich State Bank, Ipswich
●● Michael Zellmer, Division of Banking, Pierre n
South Dakota Banker | August 2015 | www.sdba.com
ira question & answer
BY JULIE K. ROBINSON, CISP | Manager of Compliance | Convergent Retirement Plan Solutions, LLC
Question: We are confused as to when
to use Code J, Code T and Code Q when
reporting Roth IRA distributions on IRS
Form 1099-R?
Answer: Determining the correct
distribution code to be used when
reporting Roth IRA distributions on
IRS Form 1099-R can be accomplished with a triage of no
more than two questions.
1. Is the distribution being paid to a Roth IRA
owner who is at least age 59½ or disabled (according to
IRC Section 72(m)), or is the distribution being paid to
a Roth IRA beneficiary following the death of the Roth
IRA owner? If YES, skip to question #2. If NO, Code J,
Early distribution from a Roth IRA, is used to report the
distribution.
2 If the answer to question #1 is YES, does your
financial organization “know” if the five-year qualified
distribution requirement has been satisfied? If your
financial organization knows that the five-year period
for Roth IRA qualified distributions has been satisfied,
then Code Q is used to communicate to the IRS that the
distribution is a qualified distribution.
If, based on the financial organization’s own data
(or IRA owner certification, if allowed by your financial
organization policy) your financial organization is unable
to ascertain whether the five-year qualified distribution
requirement is satisfied, Code T is used to communicate
to the IRS that the distribution recipient (i.e., the Roth IRA
owner or beneficiary) is exempt from the 10 percent IRS
early distribution penalty.
If Code T is used on Form 1099-R and the Roth IRA
distribution is ultimately a qualified distribution, the
distribution may claim such on his/her federal income tax
return. n
Convergent Retirement Plan Solutions, LLC is the SDBA’s
endorsed IRA provider. If you have an IRA or retirement
plan related question that you would like to have answered,
submit it to Julie K. Robinson, CISP, manager of compliance,
Convergent Retirement Plan Solutions, at Julie.Robinson@
Convergentrps.com.
Directors Education Series
T
raining the members on your board doesn’t
have to be difficult or time consuming. Choose
a subscription to the Directors Education
Series, presented by Total Training Solutions (TTS)
and sponsored by the SDBA, and see how easy and
effective board training can be.
Each module displays the following features:
●● Audio, Video & Power-Point
●● 20-30 Minutes: Perfect for Board Meetings
●● Links to Printable Handouts
●● Monthly Viewing Reports
●● Discussion Questions
●● Individual Certificates of Completion
Subscribe to the Directors Education Series and
gain immediate OnDemand access to more than 35
training programs as well as the new module released
each month.
From the first-time board member to those
who have been on multiple boards for decades, the
Directors Education Series covers topics that all
members must learn. You can’t afford to not educate
your directors.
For more information contact Total Training
Solutions at info@ttstrain.com or 800.831.0678. Or
learn more at http://directorseries.com/. n
South Dakota Banker | August 2015 | www.sdba.com
19
bank notes
Black Hills Community Bank Exceeds
Diaper Goal Five Years Running
Helping out in a big way can start with something
small, as shown during the annual Black Hills Community
Bank Diaper Drive.
Black Hills Community Bank presented local
nonprofit organizations with more than 27,000 diapers.
During the entire month of June, Rapid City and Spearfish
Black Hills Community Bank locations, their customers,
and the community donated diapers to the Cornerstone
Rescue Mission’s Dear Ones Day Care and Preschool in
Rapid City and the Artemis House in Spearfish.
A silent auction was also held throughout the month
of June to raise funds for diapers. Auction items were
donated by bank customers, directors and employees
raising $3,800 from successful bidders. More than $7,000
was donated with the diapers. Every diaper and every
penny collected will go directly to Dear Ones Day Care
and Preschool and the Artemis House.
The Annual Diaper Drive brought the five-year total
diaper count to more than 130,000. n
Dacotah Bank, Aberdeen,
Adds Trust Banker
Wendi Weig has been promoted
to trust banker at Dacotah Bank in
Aberdeen. She will work with clients
on investments and farm management,
as well as assisting with estate
administration.
“Wendi possesses exceptional skills in managing trust
relationships and will be working with individuals and
families in the areas of investment and farm management.
Wendi will serve our trust clients from our Dacotah Bank
Trust and Wealth Management office in Aberdeen,” said
Steven Schaeffer, senior vice president of trust.
Weig has been with trust and wealth management
at Dacotah Bank for 14 years. She is a graduate of North
Dakota State College of Science and Leola High School. n
20
Commercial State Bank Recognizes
Bankers for Years of Service
Three Commercial State Bank, Wagner, employees
were recognized for their years of service to the South
Dakota banking industry. From left, Marcia Honomichl
was recognized for 40 years of service, Donald Kotab for
50 years of service, and Joann Goldhammer for 40 years of
service. (Photo by Greg Roe, Wagner Post.) n
FHLB Des Moines Accepting Applications for
Strong Communities Award
The application period for the Federal Home
Loan Bank of Des Moines (FHLB Des Moines) Strong
Communities Award is now open. FHLB Des Moines
began accepting award applications on July 20, 2015.
Member financial institutions have until Aug. 31, 2015,
to apply for a chance to win $15,000 to promote small
business growth and retention in their communities.
Each year, FHLB Des Moines highlights the work
its members do by awarding the Strong Communities
Award to deserving projects within its district. The award
demonstrates the value that communities throughout the
FHLB Des Moines district derive from small business and
economic development projects.
FHLB Des Moines members and partners throughout
the district, including 13-states and three U.S. Pacific
territories, are eligible to apply.
The process to determine two $15,000 winners, one
urban and one rural, will feature a voting component that
will be open to the public. For more information, visit
www.fhlbforcommunity.com or contact: Mitch Fastenau,
communications and external relations coordinator, at
mfastenau@fhlbdm.com or 515.281.1069. n
If you are an SDBA member bank or associate member, tell us
about your new employees, promotions, community service projects,
economic development efforts, honors and landmark anniversaries.
Email your stories and photos to ademers@sdba.com or mail to: Alisa
DeMers, SDBA, PO Box 1081, Pierre, SD 57501.
South Dakota Banker | August 2015 | www.sdba.com
classifieds
Ag/Commercial Lender, First
Security Bank, Benson, Minn.
First Security Bank is looking for a lender
responsible for soliciting, developing and
maintaining a profitable and high-quality
account relationships with agricultural,
commercial and consumer customers
while adhering to bank’s loan policy.
Acts as the relationship manager to
existing customers, provides continuing
financial advice as appropriate,
determines customer’s banking needs and
deepens existing customer relationships,
acts as the customer’s advocate in
securing suitable credit products and
services. Identifies prospects and acquires
his or her own customers through
assessing, profiling and analyzing
customer’s financial needs and proposes
packages of financial products and
services. Effectively manages the loan
process from origination through booking
and collection. Analyzes, structures,
underwrites, prices, and negotiates credit
request based on the risk and value of
the relationship. Adheres to banking
regulations and obtains guarantees
for loans as appropriate, generates fee
income. Responsible for completing any
other tasks assigned by management.
We are an equal opportunity employer
and all qualified applicants will
receive consideration for employment
without regard to race, color, religion,
sex, national origin, disability status,
protected veteran status, or any other
characteristic protected by law. Submit
resume to: First Security Bank, Branch
President, PO Box 287, Benson, MN 56215
or brentg@firstsecuritybanks.com. n
Senior Advisor/Director, Trust
Services, Omaha, Neb., Area
The ideal candidate will be primarily
responsible for trust administration,
estate administration, management
of investment agency accounts, IRAs
and qualified retirement plans. In
addition, the ideal candidate will assist
other administrators with technical
matters which appear in administering
the foregoing types of accounts and
also assist in implementing internal
policies and procedures and state
and federal regulations. Thus, a firm
understanding in administering the
above-referenced accounts is a must.
The ideal candidate will secondarily
be responsible for assisting in
business development opportunities
in terms of selling investment agency
accounts, IRAs, 401ks, revocable and
irrevocable trusts, estate and trust
administrations, profit sharing plans
and pension plans. Key Accountabilities:
account administration, relationship
management, new business development,
professionalism, community involvement
and compliance. Education: Bachelor’s
degree or the equivalent. Five-plus
years of financial services experience
or the equivalent, with emphasis in the
trust area (personal trust preferred).
General knowledge of banking and
investment products/services. Strong
client service orientation and skills.
Superb oral and written communication
skills. Desired Knowledge: JD, MBA or
CPA. Graduation from ABA Graduate
Trust School or Cannon Trust School.
Certified Trust & Financial Advisor
(CTFA) designation or other relevant
credential. Demonstrated ability to
manage sophisticated affluent client
relationships and administer complex
trust accounts. Wealth Management
Department assets under administration
of nearly $600,000,000. Overall Wealth
Management Division has more than $24
billion in assets under administration.
For more information please call Susie
Yager at Career Consultants LLC,
402.895.5834 or email your resume to
susieyager@careerconsultantsllc.com
for consideration. Client is actively
interviewing. n
Trust Accountant, Adler Trust
Company, Sioux Falls, S.D.
Adler Trust Company, a private trust
company located in Sioux Falls, is
seeking a trust accountant to provide
accounting, tax and administrative
services in a highly-confidential manner
for the trust company and the trusts we
administer. This position is responsible
for: preparing and inputting daily entries
to the accounting records; preparing
and issuing various periodic financial
statements, performance analyses, and
trust accounting statements for trusts;
preparing income tax analyses and
federal and state tax returns for various
trusts; and assisting in the oversight
and execution of the cash management
function, including reconciliation of trust
company records to bank records. The
successful candidate will have a degree in
accounting, five plus years of experience
in a related field, proficiency with
standard office applications including
Microsoft Office, excellent problemsolving skills, effective and courteous
written and verbal communication skills,
the ability to work independently, and
the ability to handle highly confidential
matters in an appropriate manner. A
CPA is preferred and experience with
OneSource tax preparation software
is a plus. Adler Trust Company offers
excellent benefits and competitive salary.
Submit resume and cover letter to james.
josten@adlerllc.com. n
If you have a job opening at your bank or something to sell, send your classified listing via email to ademers@sdba.com and we will post it on
the SDBA website, print it in one issue of the South Dakota Banker Magazine and include it in the SDBA eNews. This service is free to member
banks and associate members (200 word limit). The fee is $50 for nonmembers. Questions, contact Alisa DeMers at 800.726.7322.
ABA Ads Urge Payments Innovations, Not Mandates
ABA ran ads in Capitol Hill publications and on
D.C.-area talk radio stations the week of July 27 urging
Congress to let the payments industry continue to
develop innovative solutions to secure payments—and
not mandate static technologies such as chip-and-PIN,
which is fast becoming out of date.
“Innovation is driving the payment industry
to create better ways to protect your financial data.
However, some want Congress to mandate a specific
technology to secure payments,” ABA President and
CEO Frank Keating says in the radio ad. “That would
be a costly mistake as today’s technology will quickly
be out-of-date.”
The initiative is sponsored by ABA’s Card Policy
Council, which represents major card-issuing banks and
card networks. Visit www. LetsInnovateNotMandate.
com for more. n
South Dakota Banker | August 2015 | www.sdba.com
21
education calendar
Seminars and Conferences
2015 SDBA IRA School
Sept. 9-11, 2015, Clubhouse Hotel & Suites, Sioux Falls
2015 SDBA Bank Technology Conference
Sept. 22-23, 2015, Hilton Garden Inn, Sioux Falls
Security & Risk Management Seminar
Oct. 1, 2015, Clubhouse Hotel and Convention Center,
Sioux Falls
IRA Update Seminar
Oct. 16, 2015, Ramkota, Sioux Falls
zz Aug. 6, 2015: The Aging Workforce
zz Aug. 6, 2015: Currency Transaction Reporting: Line by
Line
zz Aug. 7, 2015: BSA Series: Account Opening
Procedures for PEPs, NGOs, MSB and Other High
Risk Customers
zz Aug. 11, 2015: Teller Training and Procedures
zz Aug. 18, 2015: Vital Check Issues
IRA Basics Seminar
Dec. 16, 2015, Ramkota, Sioux Falls
zz Aug. 19, 2015: Flood Insurance - Fact or Fiction? What
do you need to know?
2016 SDBA State Legislative Day
Feb. 10, 2016, Ramkota RiverCentre, Pierre
zz Aug. 20, 2015: Basic Cash Flow Analysis
IRA Update Seminar
Feb. 18, 2016, Ramkota, Sioux Falls
2016 SDBA Agricultural Credit Conference
April 13-15, 2016
IRA Basics Seminar
May 3, 2016, Ramkota, Sioux Falls
2016 NDBA/SDBA Annual Convention
June 12-14, 2016, Ramkota Hotel, Bismarck, N.D.
2016 National School for Experienced Ag Lenders
June 20-23, 2016, Black Hills State University,
Spearfish, S.D.
August Webinars
The following are available as live webinars and/or
recorded seminars. For more information and additional
webinars, visit www.sdba.com/webinars.
zz Aug. 3, 2015: Bank Call Report Prep for Beginners - 5
Part Series
zz Aug. 4, 2015: 10 Things to Look For When Analyzing
Profit and Loss Statements
zz Aug. 4, 2015: Entering the World of Consumer
Lending - Part 3
zz Aug. 5, 2015: Excel Explained: Pivot Tables
22
zz Aug 20, 2015: Compliance Perspectives
zz Aug. 25, 2015: Remote Deposit Capture: Customer
Due Diligence FFIEC Tier II Exam Considerations
Plus Mobile Capture!
zz Aug. 27, 2015: Appraisal Review for Residential
Mortgage Decisions
Banking Schools
Graduate School of Banking at the University of
Wisconsin-Madison
Aug. 2-14, 2015: Madison, Wis.
SDBA 2015 IRA School
Sept. 9-11, 2015: Clubhouse Hotel & Suites, Sioux Falls
GSB Financial Managers School
Sept. 13-18, 2015: Madison, Wis.
GSB Bank Technology Security School
Oct. 11-16, 2015: Madison, Wis.
2016 National School for Experienced Ag Lenders
June 20-23, 2016, Black Hills State University,
Spearfish, S.D.
Program and registration information is available six to
eight weeks before each conference. For complete registration
information, visit www.sdba.com.
South Dakota Banker | August 2015 | www.sdba.com
SDBA 2015 IRA School
September 9-11, 2015
Clubhouse Hotel & Suites | Sioux Falls, South Dakota
Most Comprehensive IRA Course Offered
yy Traditional IRA (major emphasis)
yy Roth IRA (major emphasis)
yy Health Savings Accounts (1.5-2 hours Friday p.m.)
yy SEP-IRA
yy SIMPLE-IRA
Visit www.sdba.com
WHY DO BANKERS TRUST
DAKOTA SECURITY?
STRENGTH AND
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EXPERIENCED
SECURITY EXPERTS
LOCAL RESPONSE,
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Our dedication to security
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Network of local offices and
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Our clients can buy security
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focused on delivering
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SOUTH DAKOTA’S TEAM OF SECURITY EXPERTS
Bob Peplinski
Regional Vice President
Sara Zacharias
Client Executive
Dan Shafer
Field Engineer
Pete Eirikson
Installation Manager
Travis Baum
Project Manager
Barret Baker
Project Manager
Cindy Maxwell
Service Manager
Emily Anderson
Service Coordinator
Ed Mientkewicz
Technical Specialist
Jason Peiser
Technical Specialist
Craig Linn
Configuration Specialist
Miles Overby
Security Technician
Chris Stromsness
Security Technician
Jeff Bland
Security Technician
Jeff Delker
Security Technician
Darrell Fincher
Security Technician
John May
Security Technician
Jeremy Holso
Security Technician
Dakota Security has over 135 professionals dedicated to understanding your business, solving your security problems and
supporting the solution. We are focused on protecting your people and property so you can focus on what matters to your clients.
Toll Free: 800.365.5625
DakotaSecurity.com