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SDBA To Provide $250 Stipend to GR Summit Attendees

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

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

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

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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Rick Rylance, Paul Domke, Dave Rozenboom and George Kenzy Elected as SDBA 2015-2016 Officers

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 2015-2016 Board of Directors. The SDBA is honored to have the following individuals serve as officers:

  • Chairman: Rick Rylance, regional president, Dacotah Bank, Rapid City
  • Chairman-Elect: Paul Domke, president/CEO, Heartland State Bank, Redfield
  • Vice Chairman: Dave Rozenboom, president, First PREMIER Bank, Sioux Falls
  • Immediate Past Chairman: George Kenzy, president/CEO, First Fidelity Bank, Burke

The official election took place at the Annual Convention of the South Dakota Bankers Association and North Dakota Bankers Association in Sioux Falls on June 9, 2015. The term for the new officers is effective now through next year’s convention, which will be held in Bismarck on June 12-14, 2016.

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SDBA Offers 2016 Scenes of South Dakota Calendar, Holds Photo Contest

The SDBA is offering the 2016 Scenes of South Dakota Calendar. This calendar will feature photos of South Dakota submitted by South Dakota bankers, their family members and customers.

A bank, branch or business' logo and name can be printed on each calendar to display in homes and businesses all year long. Calendar orders are due by Sept. 1, 2015, to get the low price of $1.19 per calendar.

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David Bangasser, Jeff Davis, Brad Seaman Elected to SDBA Board of Directors

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:

  • David Bangasser, Southeast Regional President, Dacotah Bank, Sioux Falls
  • Jeff Davis, President/CEO, Bryant State Bank, Bryant
  • Brad Seaman, Senior Vice President, First State Bank of Warner, Aberdeen

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

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GSB Graduates to Now Receive Certificate of Executive Leadership from Wisconsin School of Business

The Graduate School of Banking at the University of Wisconsin-Madison is more than an exceptional banking school—it’s  a powerful  leadership  program. Thanks to an agreement with the Wisconsin School of Business’ Center for Professional and Executive Development, students who begin GSB in 2015 will receive a Certificate of Executive Leadership from the Wisconsin School of Business, in addition to a GSB diploma, after successfully completing the rigorous 25-month program.

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SDBA Seeks Candidates for Three Board Seats

Elections for the South Dakota Bankers Association’s Board of Directors for 2015 are scheduled for March and April. Three directors have terms that expire on April 30, 2015. Elections will take place in geographic Group II and the Country Bank Category and Large Commercial Bank Category.

The Group II seat is currently vacant and was previously held by SDBA Vice Chairman Paul Domke, Heartland State Bank, Redfield. Country Bank Category Director Monte Troske, Farmers State Bank, Turton, and Large Commercial Bank Category Director Ken Karels, Great Western Bank, Sioux Falls, have both served two consecutive terms and are not eligible to run for re-election.

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SDBA Seeks Officer Candidates

Are you interested in becoming an officer of the SDBA?

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 9, 2015, in Sioux Falls.

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GSB at Colorado Opens Scholarship Application for 2015

Are you planning on attending the Graduate School of Banking at Colorado? Why not apply for a scholarship? 

The GSBC Future Leaders Scholarship is offered through GSBC's co-sponsoring state banker associations, and is typically awarded to one banker per state, per calendar year.

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SDBA Elects New Officers

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 2014-2015 Board of Directors. The SDBA is honored to have the following individuals serve as officers:

  • Chairman: George Kenzy, president/CEO, First Fidelity Bank, Burke

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Taxation Equality Campaign Sample Ads Available

Sample newspaper and radio ads for the SDBA's Taxation Equality Awareness Campaign were created and utilized by banks in the Brookings area in May 2014. Banks are encouraged to modify and use the ads in their local communities. For questions or assistance with the ads, email Alisa DeMers with the SDBA or call 605.224.1653.

View all campaign materials on the SDBA's Taxation Equality Awareness Campaign Webpage.

SDBA Office Closed for Annual Convention

The SDBA Office will be closed June 9-11 as staff will be in Fargo for the NDBA/SDBA 2014 Annual Convention. The SDBA Office will reopen Thursday, June 12.

Closed for Memorial Day

The SDBA office will be closed on Monday, May 26, 2014 in observance of Memorial Day. Thank you veterans past and present for serving our country!!

SDBA Elects Three to Board of Directors

The South Dakota Bankers Association recently held elections for three of the nine seats on its Board of Directors. Elected to serve on the SDBA Board of Directors were:

  • Group IV: Steve Bumann, CFO, BankWest, Pierre

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Input from Community Bankers Sought

The South Dakota Division of Banking, South Dakota Bankers Association and Independent Community Bankers of South Dakota are holding a series of town hall meetings across South Dakota May 12-16 to gather input from community bankers.

The meetings are part of an ongoing nationwide community bank project sponsored jointly by the Conference of State Banking Supervisors (CSBS) and the Federal Reserve System.

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American Express Now Accepted

Great News!! The South Dakota Bankers Association now proudly accepts American Express. We do our best to make things easier for you!