First National Bank South Dakota

First National Bank South Dakota
Type Private
Industry Finance and Insurance
Founded 1962
Headquarters Yankton, South Dakota, United States
Products Financial Services
Parent First National of Nebraska
Website www.fnbsd.com

First National Bank South Dakota is an affiliate bank of First National of Nebraska and is headquartered in Yankton, South Dakota. First National Bank South Dakota was established 1962 as Valley State Bank, and has been a member of the FDIC since October 5, 1962. [1]

Contents

Family Roots

In 1962, Valley State Bank was chartered in Yankton, South Dakota. Valley State Bank was considered a hometown bank, serving the city of Yankton and its surrounding areas. Led by President Erling Haugo, the family-owned bank’s main objective was to provide a variety of financial services to its customers. The bank started with a total capitalization of only $300,000.

In the early 80s, Valley State Bank was purchased by First National of Nebraska, owned primarily by the Lauritzen Family. This incorporation led to many changes including the construction of a new facility and a name change to First National Bank South Dakota in 1994. Originally as an anchor for the bank’s Credit Card division, the bank gained momentum of its own and became a market leader. [2]

Continued Growth

In 1997, the bank set its sights on Sioux Falls, SD, purchasing property for future development and opening a loan serving office. In 1999, First National Bank South Dakota merged with Commercial Bank of Mitchell. With that merger came banking locations in Mitchell, Huron, and Woonsocket, South Dakota as well as over 100 years of business excellence in the Mitchell area.

The merger of the two banks not only strengthened both banks, but solidified the financial commitments to the communities. Together they are offering new innovative services, expanded lending practices, and continued community investment to sustain continued growth.

The bank continued to grow, and opened a new processing center and highly successful Dealer Lending program in Sioux Falls in the Fall of 2000. More growth is on the horizon as First National Bank seeks to reach out to more customers looking for comprehensive financial services. The development of a banking presence in Sioux Falls along with the continued growth and expansion of existing Sioux Falls operations has indicated a very positive future for the bank.[2]

Branches

First National Bank South Dakota was formed on October 5, 1962 with their original name of Valley State Bank. Their name changed to their current name on July 19, 1994. Commercial Trust And Savings Bank in Mitchell, South Dakota was acquired by First National Bank November 5, 1999.

Date Established [3] Address City Notes
January 6, 1897 210 North Lawler Mitchell, SD
July 24, 1924 505 W 7th St Woonsocket, SD
October 5, 1962 332 Broadway Yankton, SD
March 8, 1991 79 Second Street, S.W. Huron, SD
May 8, 2006 100 South Dakota Ave Sioux Falls, SD

References

  1. ^ "FDIC". http://www.fdic.com. Retrieved 2008-12-24. 
  2. ^ a b "About Us - First National Bank South Dakota". FNBSD. http://www.fnbsd.com/marketing/Marketing?BANKID=83&LVLNBR=1&NAV_ITM_KEY=837. Retrieved 2008-12-25. 
  3. ^ "FDIC". http://www.fdic.gov. Retrieved 2008-11-22.