The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry, is announcing the impending retirement of its president, Curt Everson.
Following 20 years of service in state government, Everson has led the 136-year-old Association since September of 2002. The role of the SDBA, located in Pierre, S.D., is to help educate, advocate and grow a diverse mix of financial institutions throughout the state.
The SDBA is pleased to offer the 2021 Scenes of South Dakota Calendar, which will feature photos of South Dakota submitted by South Dakota bankers, their family members and customers.
If you or one of your bank’s employees, a relative or customer are an amateur photographer and would like the opportunity to have your creativity displayed in homes and businesses across the state, send the SDBA your photos of farms, barns, agricultural activities, historical South Dakota locations, county fairs, carnivals, parades or festivals, fall colors, winter snowfalls, spring flowers, summer fun, etc.
The Small Business Administration yesterday released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria:
The streamlined forgiveness form is expected to smooth the forgiveness application process for a substantial portion of PPP borrowers. SBA also updated the regular Form 3508 to reflect recent changes made by Congress in the PPP Flexibility Act and issued a new interim final rule that implements changes made by the PPPFA.
There is still time to register for the SDBA's Virtual Ag Credit Conference, which starts next week. The virtual event will be held as a series of four webinars on June 24 and July 1, 8 and 15 from 10-11 a.m. CDT.
Don’t miss this opportunity to hear from experts on the economy, markets, technology and policy. The lineup is:
In a joint message to ABA member bank CEOs yesterday, ABA Chair Laurie Stewart and President and CEO Rob Nichols addressed the killing of George Floyd and other recent instances of racial injustice and inequity that have taken place across the nation and shared how the Association intends to respond.
Stewart and Nichols acknowledged that “unacceptable racial disparities in health, wealth, income, education and other measures of opportunity continue to grow,” noting that black and Hispanic Americans have been disproportionately affected by the coronavirus pandemic and subsequent economic downturn. “We cannot look away from these facts, we cannot declare them someone else’s problem, we cannot fail to engage,” they said. “We must be part of the solution.”
The Coronavirus Aid, Relief and Economic Security (CARES) Act passed by Congress authorized nearly $1 billion in additional loan guarantee authority for the U.S. Department of Agriculture and created the Business and Industry (B&I) CARES Act Program.
For the first time, agricultural producers may access this program if they are ineligible for financing from USDA’s Farm Service Agency. Any loan guaranteed by the B&I CARES Act Program must be used as working capital to prevent, prepare for or respond to the effects of the coronavirus pandemic.
More than 100 member bankers and business partners took part in the Association's Virtual Annual Business Meeting on Tuesday. The meeting is traditionally held during the SDBA/NDBA Annual Convention, which was canceled due to the pandemic.
The Annual Business Meeting's agenda included the election of SDBA officers, comments from the outgoing and incoming SDBA chairs, an association update from SDBA President Curt Everson and a South Dakota Bankers Foundation update from Halley Lee.
Prior to the outbreak of the coronavirus in the U.S., the nation’s farm banks were well-capitalized—with many raising equity capital—a more conservative type of capital—according to ABA’s annual Farm Bank Performance Report released last week. Equity capital at the nation’s 1,715 farm banks rose 11.5% to total $52 billion in 2019. Tier 1 capital, meanwhile, increased by $3.3 billion to $47.9 billion.
Farm banks increased agricultural lending by 3.6%, or $4 billion, to $105 billion in 2019. Almost all—98%—of them were profitable, with 63% reporting earnings increases. The report noted, however, that many ag producers were struggling with difficult conditions in the agricultural economy—from trade uncertainties to natural disasters to weakening farm balance sheets and land values—prior to the outbreak of COVID-19. Farm banks reported non-current ag loans ticking up to 0.84%.
On Tuesday, June 9, South Dakota bankers are invited to join North Dakota bankers for a Virtual Town Hall with FDIC Chair Jelena McWilliams at 10:30-11:30 a.m. CDT. McWilliams was originally scheduled to speak at the SDBA/NDBA Annual Convention, which was canceled due to the pandemic.
McWilliams was sworn in as the 21st chair of the FDIC on June 5, 2018. She serves a six-year term on the FDIC Board of Directors and is designated as chair for a term of five years.
The SDBA’s Annual Business Meeting, traditionally held during the Annual Convention, will take place as a virtual meeting via Zoom on Tuesday, June 9, at 9-10 a.m. CDT. The meeting is being held virtually due to the cancellation of the SDBA/NDBA Annual Convention, which was scheduled for June 8-9.
The agenda of the Annual Business Meeting includes election of SDBA officers, comments from the outgoing and incoming SDBA chairs, an association update from SDBA President Curt Everson and a South Dakota Bankers Foundation update from Halley Lee. The meeting is open to all SDBA members.
Registration for the SDBA's 2020 Virtual Agricultural Credit Conference is now open. The virtual conference is a series of four webinars on June 24 and July 1, 8 and 15 from 10-11 a.m. CDT. The lineup is:
The virtual sessions will be moderated by host Damian Mason, who you may remember from the 2019 Ag Credit Conference. Mason is a businessman, agriculturist, speaker, podcaster, writer and consultant.
The South Dakota Department of Public Safety (DPS) is reminding people and businesses that it has temporarily granted extension for residents' driver license expiration dates.
“Since the COVID-19 emergency, the state’s Driver Licensing Program has received several hundred calls each day from citizens worried about renewing their driver license or ID card,” said DPS Cabinet Secretary Craig Price. “I have authorized the Driver’s Licensing Program to extend these expiration dates for the length of the Governor’s state of emergency for COVID-19, beginning March 13, through the duration of the emergency declaration plus an additional 90 days.”
The SDBA's Annual Business Meeting, traditionally held during the Annual Convention, will take place as a virtual meeting via Zoom on Tuesday, June 9, at 9-10 a.m. CDT. The meeting is being held virtually due to the cancellation of the SDBA/NDBA Annual Convention, which was scheduled for June 8-9.
The agenda of the Annual Business Meeting includes election of SDBA officers, comments from the outgoing and incoming SDBA chairs, an association update from SDBA President Curt Everson and a South Dakota Bankers Foundation update from Halley Lee. The meeting is open to all SDBA members. Be watching the SDBA eNews and website for the Zoom meeting registration link as the meeting date gets closer.
The SDBA's 2020 Agricultural Conference, which was set for July 8-10 in Pierre, is now going virtual. You won’t want to miss out on this opportunity to hear from leading ag experts in the fields of ag economics, ag technology, ag policy and ag marketing.
Join host Damian Mason as we virtually navigate through the ever-changing world of agriculture in South Dakota. Mason, who you may remember from the 2019 Ag Credit Conference, is a businessman, agriculturist, speaker, podcaster, writer and consultant.
USDA is preparing to open the application period for the Coronavirus Food Assistance Program (CFAP), particularly the payments to agricultural producers to help offset direct losses as well as additional adjustment and marketing costs.
In advance of opening the application period, USDA is sharing information with producers on how they will apply, what type of information is needed and what the process will look like. This toolkit includes key messages, a newsletter article, an infographic and social media posts.
The SDBA last week conducted a survey of member banks about their getting back to normal plans. A total of 37 of the SDBA's 72 member banks responded to the survey. The SDBA hopes banks find the survey results helpful as they decide how they will operate in the coming weeks. Click here to see the survey results.
The SDBA is providing additional reopening resources on its coronavirus web page:
Farmers and ranchers play a vital role in keeping America’s food supply flourishing. But unfortunately, farms across America are hurting as crop and livestock prices tumble due to the COVID-19 pandemic. With farm income declining, ag producers—now more than ever—need help acquiring credit to help them deal with the pandemic’s impact on the industry.
Congress can help our nation’s farmers and ranchers by passing the ECORA Act—a bill that would promote greater access to credit and reduce borrowing costs for ag producers. Ask our lawmakers to support the vitally important role of America’s farmers and ranchers during this pandemic by making the ECORA proposal part of the next COVID-19 relief package.
The South Dakota Bankers Association (SDBA), the professional and trade association for South Dakota’s financial services industry, recently held elections for four of the nine seats on its Board of Directors. Elected to serve on the SDBA Board of Directors were:
This is Kintner’s first term on the SDBA Board of Directors and Clarkson, Davis and Mehlhaff’s second terms. They started their new terms on May 1, 2020.
A total of 19,159 Paycheck Protection Program (PPP) loans in the amount of $1,549,175,802 were approved in South Dakota as of May 1, 2020.
"A huge THANK YOU to South Dakota’s banks and bankers for providing critical working capital to more than 19,000 businesses!" said SDBA President Curt Everson. "You Make a Difference!!"
As South Dakota and our nation begin to emerge from the COVID-19 pandemic, there are many factors for banks to consider when determining when and how to begin getting “back to normal.” So many moving parts will mean this process will look different from county to county and, in some cases, city to city.
The SDBA has provided a resource for banks to use in their discussions about how to best approach this challenge while keeping employees and customers safe. The SDBA will update the "back to normal" resource as new information and guidance becomes available.
