The difference of a community bank, as seen in Sioux Falls history
April 4, 2025
Imagine going to your local bank for a mortgage. You’ve spent months looking for the perfect home and finally found it.
Now, you sit at a banker’s desk talking all about the perfect neighborhood, yard, and floorplan.
After a battery of questions and forms, your banker says it’s time to wait for a decision, and he’ll call you with the news. And, by the way, you’ll have to wait for about a week for a decision.
For many hopeful homeowners in the first half of the twentieth century, this was the home loan experience when working with a non-independent bank.
A non-independent bank was one with faraway headquarters. This meant decisions were made in Minneapolis, San Francisco, New York, or some other distant financial hub.
Your local bank was simply a mailbox to drop off your requests.
An independent bank, on the other hand, meant the people you sat with made the calls. You’d have your loan decision within hours, not days.
This kind of speed and decisiveness could make or break futures — from residential home loans to new business financing.
It was the difference of a community bank like The First National Bank in Sioux Falls, where we take pride in being locally owned and operated for the past 140 years.
And for about 25 years after the federal government allowed First National Bank to reopen following the Bank Holiday of 1933, we were the only independent bank in Sioux Falls.
Financial fates were decided here, and nowhere else. We were the only people who could give loans and answers at the same time.
This was paramount because it meant customers having people beside them who were part of the same community. Our families lived and worked here, too.
The difference of an independent community bank
We’ve never wanted to be a conglomerate, because our independence allows us to build successful relationships. Our values can be aligned organization-wide rather than being overwritten by a large parent corporation’s interest in profit over people.
This cleared the way for exponential growth. For twenty-five years, it was open-field running.
Today, we still see our independence as a key competitive advantage. Deeper than turn-around times on loan decisions, we write our own future.
This fuels innovation that directly benefits our customers, communities, teammates, and shareholders alike.
Our fierce independence means we own our vision, rather than having it handed to us from someplace disconnected from the heart of our community.
And it is our long-term vision that informs every quick turn and move we make. We are here to be a coach and guide for decades to come — and our independence is foundational to this.
Independence for All
Independence is the ability to know, think, and act locally. Local knowledge matters because no one has a better pulse on the city than the people who live here — and that means us.
We’ve been in business longer than South Dakota has been a state. To us, that’s a very good thing for everyone involved: our customers, community, teammates, and shareholders alike.
Independence for Customers
For entrepreneurs envisioning a market opportunity to build or buy something new, speed is of the essence. They need a responsive bank.
They don’t want to talk to a stranger for an hour, then wait for a month on a decision from Minneapolis, San Francisco, or New York. Business leaders want to tell their story, get an answer, and take action.
Sometimes this is the difference between success and failure, between prosperity and missed opportunity.
Because we’re independent, that decision is made locally. The same holds for homebuyers making offers on their dream houses or for farmers buying livestock, seed, chemicals, and equipment.
They can’t wait for a month to get a lending decision; the season is clipping by, and they’re stuck without capital to invest in supplies.
Simply put, our customers need swift answers to move their lives forward.
Independence for Our Community
First National Bank is, first and foremost, a community bank. We wear this badge with pride.
Our customers are a representation of the community. So are we.
We live here, work here, and raise our families here too. That drives our decisions to charitably invest in the health of this community.
Each year, we prioritize significant donations to organizations in our community like the Sioux Empire United Way, The Banquet, the Bishop Dudley Hospitality House, local schools and fire departments, Boys and Girls Clubs, and more.
In fact, we thoughtfully entertain more than 250 charitable giving requests each year. More often than not, we say yes!
Just like our business decisions, we make these choices here. Nonprofits who approach us with fundraising requests talk directly to the decision makers.
When tornadoes and flooding ravaged our city, we were able to step up and serve, cleaning debris and helping out wherever possible. Others came and joined our volunteer and donation efforts as well.
From the onset of the 2020 pandemic, we were among the first local banks to offer loan payment deferrals and even loan forgiveness.
We love to be the lead givers, unafraid of being the first ones to dance. We see this as in-the-moment innovation for our community and fulfilling our promise to be “first in service.”
When a crisis looms, our job is to help our communities thrive. When our communities struggle, so do we.
Independence for Teammates
Now, as great as an independent community bank is for our customers and community, it’s also fantastic for our teammates. Every decision on future programs, benefits, compensation, and incentives is made here.
Opportunities are inspired — and crafted — by the people within our four walls. Our collective fortune is made and secured here.
For 140 years, we’ve been motivated to run well because the people whose lives are affected most work in the adjacent offices.
Whether you’re a potential customer, nonprofit in need, or prospective teammate, we have ways for you to discover the difference of a community bank:
