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South Dakota: Banks’ Economic Impact

Banks support South Dakota's economy with consumer, business and other loans, and by providing more than 13,000 people with a rewarding place to work.

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  • 13,035Employees

  • $1.1 BTotal Annual Compensation & Benefits

  • $82,073Average Total Compensation & Benefits

  • 59 Banks Headquartered in State

Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $4.9 BNew Home Loans Booked in 2021

  • 20,222Number of New Home Loans in 2021

  • $195,000Median New Home Loan Size in 2021

  • $1.1 BSmall Business Loans

  • 91.9 KNumber of Small Business Loans

  • $12,178Average Small Business Loan

  • $950.7 MSmall Farm Loans

  • 11,113Number of Small Farm Loans

  • $93,348Average Small Farm Loan

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 3.9 MCustomers

  • $674.8 BDeposits

  • 78Banks Operating Branches

  • 443Branches & Offices

  • 56Branches Offering Low Fee Bank On-certified Accounts

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 32.2 KVolunteer Hours

  • $17.0 MCommunity Donations

Educating America's Future Farmers

Headquartered in Aberdeen, SD, Dacotah Bank is proud to support South Dakota Future Farmers of America’s Star Partner program, an agricultural education initiative for youth in grades 7-12.

Source: Estimates based on ABA 2020/2021 survey data

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