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

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)


Documents listed below are provided in Adobe .pdf format unless otherwise noted.


June 3, 2014
  Handouts presented at meeting
  "Agricultural Asset Values: Monitoring and Stress Testing" presentation by
  Ron Feldman, Federal Reserve Bank of Minneapolis


December 4, 2013
(revised to reflect change to a teleconference due to the weather)
  Independent Community Bankers of South Dakota presentation
  Economic Update presentation

July 10, 2013
  Handout for meeting:
  PowerPoint presentation


August 8, 2012
  Handouts for meeting:
  Exhibit 1, Rules Hearing
  Exhibit 2, Staff Update
  Exhibit 3, Application Report (FY 2012)

May 9, 2012
  Handouts for meeting:
  Exhibit 1, Accreditation Overview
  Exhibit 2, Sioux Falls Financial Analysis
  Exhibit 3, Trust Companies Resolution Fund


December 12, 2011
  Handouts for meeting:
  PowerPoint presentation
  Trust Companies Resolution Fund Budget
  2012 Action Issue: DLR #2: Lending Limit
  2012 Action Issue: DLR #9: Regulation Reform
  2012 Action Issue: DLR #11:Trust Task Force

Meeting Minutes


June 3, 2014 (unapproved)
December 4, 2013
July 10, 2013


August 8, 2012
May 9, 2012


December 12, 2011
July 25, 2011

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

*Opening and printing Adobe .pdf files requires Adobe Acrobat Reader. Click here as needed to download the free Adobe Acrobat Reader.


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