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 (American Bank & Trust)
John Johnson, Piedmont (public member)
Doug Balvin, 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
Sept. 1, 2016 Sept. 1 agenda

PowerPoint PresentationLetter of Intent of HB 1214  Implementation
DLR 2015 Annual Report

Sept. 1 minutes
May 17, 2016 May 17 agenda   May 17 minutes
April 21-22, 2016 April 21-22 agenda Amended Notice of Hearing in the Matter of the Application of First State Bank of Roscoe to Establish a Branch Bank in Eureka April 21-22 Hearing minutes
Dec. 4, 2015 Dec. 4 agenda

FDIC Economic PowerPoint
Commission PowerPoint

Dec. 4 minutes
May 15, 2015 May 15 agenda

Notice of Public Hearing
2016 Bank Fee Abatement
   PowerPoint presentation
Fee Abatement and
   Remittance Rules

Form 5 (Fiscal Note &

Banking Profile (line graph)
Ag. Asset Condition
   Monitoring and Stress
   Testing PowerPoint

May 15 minutes
Dec. 5, 2014 Dec. 5 agenda

2015 Bill Draft: DLR 1
2015 Bill Draft: DLR 2
2015 Bill Draft: DLR 3PowerPoint presentation
Community Banking in the
  21st Century report

Economic Outlook
  presentation by Bureau of
  Finance and Management

Dec. 5 minutes
June 3, 2014 June 3 agenda

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

June 3 minutes
Dec. 4, 2013 Dec. 4 Agenda

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 Aug. 8 agenda

Exhibit 1, Rules Hearing

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

Aug. 8, 2012 Minutes
May 9, 2012 May 9 agenda

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

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Marcia Hultman, Secretary
123 W. Missouri Ave.
Pierre, SD 57501-4505
Tel. 605.773.3101
Fax. 605.773.6184