Rick NathThe South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, has appointed Rick Nath, Citibank, N.A., Sioux Falls, to fill a vacant seat on its Board of Directors. Rath will represent banks in the Credit Card Category.

Rick Nath serves as Citi’s sixth site president in Sioux Falls. Nath, as the site president, is responsible for driving and executing site governance, people strategy, site culture and community involvement.

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Photo of 2017-2018 SDBA OfficersThe South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, recently elected officers for its 2017-2018 Board of Directors. The SDBA is honored to have the following individuals serve as officers:

Chairman: Dave Rozenboom, President, First PREMIER Bank, Sioux Falls
Chairman-Elect: Karl Adam, Market President, First Dakota National Bank, Pierre
Vice Chairman: Shawn Rost, South Dakota Market President, First Interstate Bank, Rapid City
Immediate Past Chairman: Paul Domke, President/CEO/CCO, Heartland State Bank, Redfield


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The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, recently held elections for three of the nine seats on its Board of Directors. Elected to serve on the SDBA Board of Directors were:

  • Steve Bumann, Chief Financial Officer, BankWest, Pierre
  • Craig Davis, President/CEO, First National Bank, Pierre
  • Shawn Rost, South Dakota Market President, First Interstate Bank, Rapid City

This is Davis’ first term on the SDBA Board of Directors and Bumann and Rost’s second terms. They started their three-year terms on May 1, 2017.

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Elections for the SDBA’s Board of Directors for 2017 are scheduled for March and April. Three directors have terms that expire on April 30, 2017. Elections will take place in geographic Group 4 and Group 5 and the Large Community Bank Category.

Steve Bumann, BankWest, Pierre, is the current director for Group IV. He has served one term and is eligible to run for a second term. Shawn Rost, First Interstate Bank, Rapid City, is the current director for Group V. He has served one term and is eligible to run for a second term. Kevin Whitelock, Pioneer Bank & Trust, Spearfish, is the current director for the Large Community Bank Category. He has served two, consecutive terms and is not eligible to run for re-election.

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Are you interested in becoming an officer of the South Dakota Bankers Association?

SDBA officers include the chairman, chairman-elect, vice chairman and immediate past chairman. The SDBA is currently seeking people who are interested in running for the vice chairman position, which will be elected at the SDBA Annual Convention on June 6, 2017, in Rapid City.

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South Dakota Banks Make a Difference in Our CommunitiesSouth Dakota Banks Make a Difference in Our CommunitiesThe SDBA unveiled the latest results of its Banks Make a Difference Project during its State Legislative Day on Feb. 8, 2017, in Pierre. Copies of the promotional handout were provided to all attendees and to all state legislators. Copies will also be mailed to all member banks and branches.

Each January, the SDBA surveys its member banks and collects data on the importance of banks to their local communities and to the state as a whole. The annual project demonstrates that banks are great corporate citizens and serve as “stewards” of their communities and the state in ways beyond routine banking services.

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The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, recently appointed Jerry Nachtigal, Senior Vice President of Public Affairs, Citibank, Sioux Falls, to its Board of Directors. Nachtigal began his three-year directorship on June 12, 2016. This is his first, three-year term on the SDBA Board of Directors.

Nachtigal joined Citibank in 2003 after nearly 18 years as an Associated Press reporter in Missouri and Arizona and after working as communications director for three Missouri governors from 1999-2002. At Citi, he handles internal and external communications for the bank’s flagship credit card site in Sioux Falls and its nearly 2,100 employees, as well as community relations and government relations. He also administers much of Citi’s philanthropy budget in South Dakota. Nachtigal has a journalism degree from South Dakota State University in Brookings.

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Sen. Mike Rounds (R-S.D.) on July 11, 2016, introduced the TAILOR Act, which would require financial regulators to consider bank risk profiles and business models when taking regulatory actions. The bill--a signature part of ABA’s Agenda for America’s Hometown Banks--has been strongly advocated by ABA and the alliance of state bankers associations, including the South Dakota Bankers Associaton.

In addition to requiring a tailored approach for future rulemakings, Tipton’s bill would require a review of regulations issued in the past six years and a report on how they might be better tailored. Regulators would be required to state in notices of proposed rulemaking how they applied the TAILOR Act.

The bill closely resembles the House version of the TAILOR Act, which was strongly pursued by ABA and the state associations. Championed by Rep. Scott Tipton (R-Colo.), the TAILOR Act cleared the House Financial Services Committee earlier this year.

“South Dakota is home to some of the smallest and the largest banks in the world, with wide variations in their business models,” commented SDBA President Curt Everson. “Bankers from those institutions agree that today’s one-size-fits-all regulatory scheme doesn’t make sense. We applaud Sen. Rounds for introducing the TAILOR Act to start the conversation about matching bank regulation to risk.” Read more.

The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, recently elected officers for its 2016-2017 Board of Directors. The SDBA is honored to have the following individuals serve as officers:

Chairman: Paul Domke, president/CEO/CCO, Heartland State Bank, Redfield
Chairman-Elect: Dave Rozenboom, president, First PREMIER Bank, Sioux Falls
Vice Chairman: Karl Adam, president, First Dakota National Bank, Pierre
Immediate Past Chairman: Rick Rylance, regional president, Dacotah Bank, Rapid City


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There are many "red flags" which can be potential signs of elder exploitation.

The South Dakota State Bar Elder Law Committee, whose goals is to educate people about elder exploitation, has created a list of warnings signs of possible elder exploitation. The list can be shared with bank employees and customers or posted at the bank.

View or print the list.

Every year, thousands of seniors fall victim to impersonation scams. According to the Federal Trade Commission, between 2012 and 2014, consumers reported more than $42 million in losses from scams involving the impersonation of family members and friends. These scams, commonly known as the “grandparent scam,” is a form of financial abuse that deliberately targets older Americans.

To commit this crime, fraudsters call claiming to be a family member in serious trouble and in need of money immediately. The scammer might say he’s stranded or has been mugged and call in the middle of the night to add to the urgency and confusion. Once the money is wired, the victim later finds out that it wasn’t their grandchild they were helping, it was a criminal.  

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The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry since 1884, recently held elections for two of the nine seats on its Board of Directors. Elected to serve on the SDBA Board of Directors were:
  • Kristina Schaefer, General Counsel & Director of Risk Management, First Bank & Trust, Sioux Falls
  • David D. Nelson, Sr. Vice President & Branch Manager, First Fidelity Bank, Platte

Schaefer and Nelson began their three-year directorships on May 1. This is their first term on the SDBA Board of Directors.

Kristina Schaefer:
Kristina Schaefer serves as general counsel and director of risk management for Fishback Financial Corporation (FFC)/First Bank & Trust in Sioux Falls. As the primary legal resource for the organization, Schaefer provides advice and counsel on all legal matters, including lending transactions, payment systems issues, contracts and corporate governance. In addition, Schaefer oversees the compliance, fraud, BSA/AML, and third-party oversight functions, and serves on the governing policy body for FFC. During the past eight years, she has also held the titles of general and corporate counsel. Prior to joining FFC, Schaefer worked as an attorney in a private practice where she specialized in banking law and general corporate law. Before attending law school, she was employed at First Bank & Trust and worked in customer service and risk management. Schaefer currently serves on the SDBA Legislative Committee, which she has chaired, and the American Bankers Association (ABA) Regional Bank General Counsels Group and the ABA Cyber and Information Security Working Group.

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Today, the average American family will pay $14,057 in federal income taxes. The $1 trillion credit union industry will pay $0. Credit Unions—it’s time to pay your fair share! This message is brought to you by your local tax-paying banks. aba.com/ItsTimetoPay

SDBA Joins ABA Foundation's Safe Banking for Seniors Campaign

Educational program to prevent elder financial fraud.

The SDBA has joined the American Bankers Association (ABA) Foundation’s Safe Banking for Seniors campaign. Through this campaign, the SDBA will mobilize bankers across South Dakota to educate older Americans and their caregivers about elder financial abuse and how to prevent it.

“We’ve found that bankers are often the first line of defense against elder financial fraud from educating and advising customers to spotting the signs of abuse,” said SDBA President Curt Everson. “We take our role seriously, and the more we can educate seniors and their caregivers, the better protected they can be.”

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SDBA Seeks Candidates for 2016-2017 Officers


Are you interested in becoming an officer of the South Dakota Bankers Association?

SDBA officers include the chairman, chairman-elect, vice chairman and immediate past chairman. The SDBA is currently seeking people who are interested in running for the vice chairman position, which will be elected at the Annual Convention on June 14, 2016, in Bismarck, N.D.

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Scholarships Available for SD Bankers to Attend Emerging Leaders Forum


The American Bankers Association (ABA) is offering two South Dakota bankers a $750 scholarship to help cover expenses to attend its 2016 Emerging Leaders Forum on March 14. The Forum is being held in conjunction with the ABA's 2016 Government Relations Summit March 14-16 in Washington, D.C.

The Emerging Leaders Forum is an opportunity for new voices in banking to share challenges and strategies, network with peers from across the country and gain new perspectives on leadership. There will be a private reception following the Forum. While there is no fee to attend, the scholarship will help cover travel expenses. Pre-registration is required.​​​

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SDBA To Provide $250 Stipend to GR Summit Attendees


The SDBA will provide a $250 stipend to a banker from each member bank to help cover expenses to attend the ABA Government Relations Summit March 14-16 in Washington, D.C. The SDBA will issue stipends following the Summit.

Senate Banking Committee Chairman Richard Shelby (R-Ala.) and House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will keynote the Summit. With Shelby and Hensarling joining the lineup, Summit attendees will hear from the two most powerful financial services lawmakers, who join other big names on the program, including former White House Press Secretary Dana Perino, Politico economics correspondent Ben White and election-watchers Charlie Cook and Stu Rothenberg.

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Cyber Crime and Your Customers

Written by: Eric Chase
Information Security Consultant - Security Banking Solutions, LLC

 

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ABA Foundation and AARP: What You Need to Know about Joint Bank Accounts

Educating bankers, their customers and financial caregivers about safe banking practices

WASHINGTON — AARP and the American Bankers Association Foundation are making adults over 50 years old who are considering joint bank accounts aware of potential hazards. LookBeforeYouLeap.png
 
Joint bank accounts are often viewed as an easy way to give financial caregivers the ability to manage money on behalf of older adults. In some cases, they are used so the co-signee inherits the funds upon death of the primary account holder. However, both parties rarely understand the risks associated with joint accounts or the alternatives available to them.    
 
“Setting up a joint account essentially removes the financial firewall between both parties,” said Corey Carlisle, senior vice president, bank community engagement. “There are often safer alternatives available that will protect the assets of older customers, as well as those of financial caregivers.” 
 
At any age, joint accounts may work for some, but we urge you to use caution before signing on the dotted line, said Debra Whitman, Chief Public Policy Officer, AARP.  If you don't look before you leap, you could fall into trouble with your finances.
Before deciding if a joint account is right for you, you should consider the following factors: 
  • The co-signee becomes financially responsible for taxes on the account. That means should the primary account holder owe the government back taxes at any point, the co-signee would be just as responsible to the IRS for that money. 

  • The money is just as much theirs as it is yours.  Once someone is listed as a joint-account holder, the co-signee and the primary account holder own that money equally in the eyes of a financial institution. Both parties will have the ability to withdraw funds whenever they see fit. 
  • Creditors can come after those funds. If an account owner were to incur substantial medical bills, or face a lawsuit, the funds in the joint account could be used as a liable asset. A creditor might not differentiate between primary account holder and co-signee. 
For information on alternatives to joint bank accounts, view AARP and ABA Foundation’s infographic here: http://www.aba.com/LookBeforeYouLeap and see this blog post: http://blog.aarp.org/2015/08/27/no-leaping-some-alternatives-to-joint-bank-accounts/.  
 
AARP and the ABA Foundation are collaborating to protect older Americans from financial abuse and exploitation. As a part of this effort, AARP and the ABA Foundation will create resources such as this infographic to educate older Americans and their caregivers about ways to protect their assets and their loved ones’ assets, as well as conduct separate research on how banks are addressing fraud and exploitation issues, whether there is a consumer draw to banks that prevent fraud and exploitation, and provide financial caregiving banking tools. 
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Note: The recommendations herein do not constitute professional financial advice.  Please consult a financial advisor before making financial decisions that may affect your future.
About AARP
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services.  A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world's largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates.  The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org.
About ABA Foundation
The American Bankers Association is the voice of the nation’s $15 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend more than $8 trillion in loans. The ABA Community Engagement Foundation (ABA Foundation), a 501(c)3 corporation, is the successor to the ABA Education Foundation established in 1925. Through its leadership, partnerships, and national programs the foundation helps bankers provide financial education to individuals at every age, elevate issues around affordable housing and community development, and achieve corporate social responsibility objectives to improve the well-being of their customers and their communities.

First PREMIER Bank Named to 'Best Bank to Work For' List


South Dakota-based First PREMIER Bank has been named one of the 2015 Best Banks To Work For by American Banker and Best Companies Group. The special recognition follows hundreds of surveys completed by employees and a review of the organization’s practices. Only 50 banks across the country are selected best to work for.

“We’re excited and honored to receive this recognition from American Banker. To all of our employees, I want to say thank you. We’re fortunate to work with such a great group of people,” says Dave Rozenboom, president, First PREMIER Bank. “We’ve worked hard over the years to build the kind of company and culture that people want to join. This award validates those efforts. At PREMIER, we believe that happy employees translate into satisfied customers.”  

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