SDBANKER OFFICIAL PUBLICATION OF THE SOUTH DAKOTA BANKERS ASSOCIATION | APRIL 2020 An Innovative Bank on the Go BEYOND THE FUNDAMENTALS 2020 National School for Experienced Ag Bankers Photos by South Dakota Tourism JUNE 22-25, 2020 BLACK HILLS STATE UNIVERSITY...”Where Anything Is Possible” SPEARFISH, SOUTH DAKOTA SDOFFICIAL PUBLICATIONBANKER OF THE SOUTH DAKOTA BANKERS ASSOCIATION APRIL 2020 | sdba.com PO Box 1081 | 109 West Missouri Avenue Pierre, SD 57501 605.224.1653 | 800.726.7322 www.sdba.com SDBA OFFICERS CHAIR Shawn Rost, First Interstate Bank, Rapid City CHAIR-ELECT Steve Bumann, BankWest, Inc., Pierre 8 10 VICE CHAIR Kristina Schaefer, First Bank & Trust, Sioux Falls IMMEDIATE PAST CHAIR Karl Adam, First Dakota National Bank, Pierre SDBA BOARD OF DIRECTORS David Bangasser, Dacotah Bank, Sioux Falls Dylan Clarkson, Pioneer Bank & Trust, Belle Fourche Craig Davis, First National Bank, Pierre Jeff Davis, Bryant State Bank, Bryant Pete Mehlhaff, Great Plains Bank, Aberdeen David D. Nelson, First Fidelity Bank, Burke 12 16 Brad Seaman, BankNorth, Aberdeen SDBA STAFF features Curt Everson, SDBA President [email protected] 7 Small Business Funding Treasury Issues Details for SBA Paycheck Protection Program Mike Feimer, President of Insurance and Services [email protected] 8 SDBA News Halley Lee, Administrative Vice President l SD Banks Remain Financially Solid [email protected] l SDBA Seeks Bankers to Serving on Committees, Work Groups Alisa Bousa, Communications Coordinator [email protected] 10 Emerging Leaders Nadine Kepford, IS/Business Manager Emerging Leader of the Month: Ann Buckmiller [email protected] 11 Education Jeanine Dyce, Administrative Assistant Online Education Available Through SDBA [email protected] Dean Franzen, Commercial Lines Specialist 12 Feature [email protected] An Innovative Bank on the Go Michelle Guthmiller, Insurance Specialist 2020 SDBA Associate Member Directory [email protected] Ctr Robin Feimer, Insurance Specialist 16 Community Banking [email protected] Coronavirus Response: Common Practices for Community Banks EDITORIAL: Published monthly by the South Dakota 18 Financial Abuse Prevention Bankers Association, SDBANKER Magazine is dedicated to Two New Ways for Banks to Help Prevent Elder Abuse enhancing the state’s banking profession by providing useful and timely information on important events and trends in the banking industry. Statements of fact and opinion are made on in every issue the responsibility of the authors alone and do not represent the opinion or endorsement of the SDBA. The magazine 4 Message from the Chairman welcomes news from SDBA members. Articles may be Expect to Win reprinted with permission. Email [email protected]. ADVERTISING: Advertisements within this publication do 5 From the Executive Office not necessarily represent endorsement of those products and COVID-19 Dominating Our Days services by the SDBA. The editor reserves the right to refuse any advertisement or editorial copy deemed to be unsuitable. 6 SDBIS Update For advertising details, see SDBA media kit at www.sdba.com. Health Plan Benefit Updates Regarding COVID-19 SUBSCRIPTIONS: Member banks, branches and associate members receive one complimentary subscription. Additional 20 Bank Notes subscriptions are $45 per year for members or $90 for non- members. Call 605.224.1653 or email [email protected]. 21 Classifieds 22 Education Calendar sdba.com | APRIL 2020 | SDBANKER 3 message from the chairman..... BY SHAWN ROST | South Dakota Market President | First Interstate Bank, Rapid City Expect to Win s I am writing this article and watching the sun prove your consistency in business, have an come up, I am reflecting on a crazy past week—a ability to adjust and create new solutions as Afull moon, the time change, Friday the 13th, situations change, always act with integrity, the market is either up or down 1,000 points from the sow seeds for the future, and think three to five day before, the 10-year Treasury is currently yielding steps forward with every plan. what a 12-month CD yielded last week, we had our first • Think and plan, but you MUST execute. The plan confirmed coronavirus cases in South Dakota along seldom goes as planned, so start executing. with the first death, and I found out last night the ABA canceled its Government Relations Summit in D.C. And • Surround yourself with a network where you they say South Dakota weather is crazy! each look out for each other, are not afraid to Thinking of how these unexpected events have challenge each other, and are focused on what impacted all of our lives and will continue to do so is in the TEAM’S best interest. into the future reminded me of a seminar I attended • Most importantly, ALWAYS EXPECT TO WIN. last month in Las Vegas. Yes, it really was a seminar By applying these ideas to our week and the that I paid to sit at for eight hours a day for three full challenges we are all facing with so many curve balls, days. Front row seats were $20,000 each. Being a let’s all agree that we will overcome the challenges conservative banker from the upper Midwest, my ticket of the day. Even if I was retiring today, my retirement was only in the hundreds of dollars. The venue held account will be needed for the next 30 years. I would 12,800 seats, all of them sold out for this event. still be a long-term investor, and the market will come The focus of the seminar was growing your back as it always does. Most bank’s margins are going business—not at a normal rate but at 10 times what to get pinched, but we will again manage through it like you think is achievable. Scary stuff for a banker thinking we have every other time. The coronavirus is going to about credit risk, capital needs, etc. But almost all get worse before it gets better and sadly have negative attendees were entrepreneurs outside of the banking impacts on all of our lives. Again, we will overcome this world. Speakers consisted of Magic Johnson, Marie virus as we have so many others over the years. Forleo, Grant Cardone, Scooter Braun, Usher, Floyd With the cancellation of the ABA’s Summit, we Mayweather, Dana White, John Travolta, Brad Parscale, need to adjust our plan and find a different way to Jon Najarian, Ryan Deiss and Kevin Hart. The lessons influence our congressional delegation. There are in business they shared over those three days were many ways to do this. Attend every cracker barrel, absolutely amazing. Almost every one of these people coffee call or round table with these officials to make has a net worth between $150 million and $1 billion. sure our voice is heard. As leaders, we need to donate Most came from humble beginnings, found their to SDBankPAC and encourage our officers to do the passion in life and played their game to the max. Bet same. By attending meetings, sharing our concerns and you didn’t know that Magic Johnson recently won donating to SDBankPAC, we can have the same impact three different bids to do major construction projects as if we attended a delegation meeting in D.C. across the U.S. averaging $4 billion each and his food I ask that all of you do your part, modify your plans, service company feeds 650,000 people every day. How execute, sow your seeds, look out for your co-workers does a basketball star get to this point? Every one of and customers, and most importantly expect to win. As these people listed achieved this greatness, and their for the rest of my week, I’m wearing a garlic necklace, messages had common themes: rubbing my rabbit’s foot, and avoiding black cats and • Convert losses and setbacks into energy to ladders. push you forward faster and learn from your mistakes. Shawn Rost is South Dakota market president at First • People will follow you and join in your mission if Interstate Bank in Rapid City. Rost can be reached at you have a track record of winning, continually 605.716.8928 or [email protected]. 4 SDBANKER | APRIL 2020 | sdba.com from the executive office..... BY CURT EVERSON | President | South Dakota Bankers Association COVID-19 Dominating Our Days n a typical year during the last half of March, I spend On March 25, U.S. Treasury Secretary Mnuchin a bit of time reflecting on the end of the annual State said, “By the end of next week, we want every bank to ILegislative Session, thinning out files and shifting be able to originate a paycheck protection loan —same my focus to priority issues under consideration in day.” His statement appeared to reflect the shared Congress. But March 2020 is anything but typical. desire of the President and Congress to move this COVID-19 dominates nearly every working hour of $2.2 trillion aid package from Washington, D.C., to the every day for bankers and for everyone at the SDBA. streets. Yes, the 2020 State Legislature finished its On March 27, the SDBA convened a conference call work, except for Veto Day on March 30 took place to share information with and between SDBA members. electronically. A week after legislators left town, Gov. Discussions centered around COVID-19-related Noem issued a COVID-19 Executive Order that, in part, regulatory guidance, state and local government encouraged all employers to: issues, and federal economic stimulus legislation. At least 100 bankers joined the call. • Understand that COVID-19 is not a short-term I want to thank Bret Afdahl, director of the South challenge and operations will need to endure a Dakota Division of Banking, for participating in the difficult and limited social environment for eight call.