Department of Labor and Regulation

Title - Banking

Banking Commission

The Division of Banking is administered under the direction of the Department of Labor and Regulation. The Division is under the administrative control and supervision of the Director of Banking, Bret Afdahl. In addition to the Director, the Governor appoints a Banking Commission consisting of five members.

The Banking Commission is authorized by South Dakota Codified Law (SDCL) 51A-2.

The Director of Banking is the executive officer of the Commission and complies with and enforces orders and directions of the Commission. The Director is responsible to act on applications to organize a bank, change control, merge, change location, and establish or close branch banks. The Commission is required to hear appeals of application decisions or disputes and also acts on Administrative Rules of South Dakota (ARSD) necessary for the management and administration of banks and trust companies over which it has jurisdiction.

If you would like to be added to the Division's interested party list to be notified of new applications filed with the Division, please email your name, address and email address to the Division at banking@state.sd.us.

Commission Members

Jeff Erickson, Chair, Sioux Falls (public member)
John L. Lillibridge, Vice-Chair, Burke (First Fidelity)
Paul Christen, Huron (public member)
Richard Westra, Aberdeen (Dacotah Bank)
Steve Hayes, Presho (Dakota Prairie Bank)

Meeting Dates, Agendas, Handouts and Minutes

(in Adobe .pdf format*)

Meeting Date Agendas Handouts Minutes
June 3, 2014 June 3 agenda

Handout
"Agricultural Asset Values: Monitoring and Stress Testing" presentation by
Ron Feldman, Federal Reserve Bank of Minneapolis

June 3 minutes (unapproved)
Dec. 4, 2013 Dec. 4 Agenda

Handouts:
Independent Community Bankers of South Dakota presentation
Economic Update presentation

Dec. 4, 2013 Minutes
July 10, 2013 July 10 agenda PowerPoint presentation July 10, 2013 Minutes
Aug. 8, 2012  

Handouts
Exhibit 1, Rules Hearing

Exhibit 2, Staff Update
Exhibit 3, Application Report (FY 2012)

Aug. 8, 2012 Minutes
May 9, 2012  

Handouts
Exhibit 1, Accreditation Overview
Exhibit 2, Sioux Falls Financial Analysis
Exhibit 3, Trust Companies Resolution Fund

May 9, 2012 Minutes

See documents for meetings prior to 2012.

Activity Report

Each month the South Dakota Division of Banking updates an Activity Report to provide information on applications filed with the South Dakota Division of Banking and/or the State Banking Commission. The report also includes the action taken on each application. This data is for information purposes only and does not constitute legal notice of an application.

Declaratory Rulings

H-D Electric Cooperative, Inc.

Northern Beef Packers Limited Partnership and Epoch Star Limited

Subscribe to e-lerts

If you would like to receive an email notice when new applications are filed with the Division, please email your name, address and email address to the Division at banking@state.sd.us.

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Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184