The state of South Dakota is home to 78 banks that are insured by the federal deposit insurance corporation and that operate within the state. Of this amount, 59 of these banks are headquartered in the state and therefore can be considered South Dakota-based banks. Banks operating within the state had in total $3,543 billion of assets, $2,926 billion of deposits and $1,527 billion of loans outstanding as of this writing. Overall and in aggregate residential mortgages made up 10% of the assets managed by banks in South Dakota. Further, these banks also currently employ in total 404,479 people within the state, which represents 45.7% of the population.

Density of Banks in South Dakota

There are a total of 443 bank branches located within the state of South Dakota. This works out to a ratio of approximately 5.0 branches per 10,000 people in South Dakota.  If we take the data on the banks in South Dakota and compare it with the banks operating in other states, we find that on this metric, banks in South Dakota rank 3rd out of the 52 states and territories. This is ranked in order of most to least branches per capita.  Another way to view this is by looking at the physical accessibility. On this basis, banks in South Dakota had on average 0.6 branches per 100 square miles. As a result, South Dakota ranks 46th out of 52 states and territories in terms of most branches per square mile.

Performance of Banks in South Dakota

performance-of-banks-in-South Dakota

  • Net Interest Margin – banks in the state of South Dakota are on average below the average bank’s net interest margin in the United States. This is for FDIC-insured banks only. Overall, the net interest margin for banks in South Dakota is ranked 46th out of the 52 states and main territories in the United States.
  • Return on Assets – in terms of this important return metric, banks in this state are on average lower than the national average. Altogether the Return on Assets for the banks in South Dakota is ranked 40th out of the 52 states and main territories in the country.
  • Return on Equity – banks in the state of South Dakota are on average generating a lower return on equity than the average bank in the United States. In total, the return on equity for banks in South Dakota is ranked 33rd out of the 52 states and main territories in the United States.
  • Loan to Deposit – Banks in this state are on average above the national average when it comes to loan to deposit. Loan to deposit ratio is a good way to assess the liquidity of a bank. Lower is better as it means that a bank is funding more of its lending activities with its deposit base. Banks in South Dakota are ranked 46th out of the 52 states and main territories in the country when it comes to loan to deposits.
  • Nonperforming Assets – this metric gives us an idea of the quality of a bank’s assets and their performance. Banks in this state are on average worse than the national average when it comes to nonperforming assets. We’re specifically looking at the level of nonperformance among the asset base. A higher figure indicates lower quality. Overall, banks in South Dakota are ranked 41st out of the 52 states and main territories in the country when it comes to the percentage of their assets that are nonperforming.

5 Largest Banks in the state of South Dakota

 

deposit-market-share-of-banks-in-South Dakota

Based on the latest available data, Citibank is the largest bank operating in South Dakota based on its deposit share. Citibank currently has a 57% share of deposits within the state. Below is summary information on the top 5 largest banks in South Dakota.

Citibank

Citibank currently has the largest share of deposits within the state and has $384.7 billion of deposits. In addition to this the bank also has 2 offices within the state, which represents 0% of its total domestic offices.

Main Office Address: 5800 S Corp Pl. Sioux Falls, SD 57108

Website: www.citibank.com

Wells Fargo Bank

Wells Fargo Bank currently has the second largest share of deposits within the state and has $253.1 billion of deposits. The bank also has 35 offices within the state, which represents 1% of its total domestic offices.

Main Office Address: 101 N. Phillips Ave. Sioux Falls, SD 57104

Website: www.wellsfargo.com

Metabank

Metabank currently has the third largest share of deposits within the state and has $5.9 billion of deposits. The bank also has 1 office within the state, which represents 100% of its total domestic offices.

Main Office Address: 5501 S Broadband Ln Sioux Falls, SD 57108

Website: http://www.metabank.com

Great Western Bank

Great Western Bank currently has the fourth largest share of deposits within the state and has $3.1 billion of deposits. Further, the bank also has 37 offices within the state, which represents 21% of its total domestic offices.

Main Office Address: 225 S. Main Ave. Sioux Falls, SD 57104

Website: www.greatwesternbank.com

First Premier Bank

First Premier Bank currently has the fifth largest share of deposits within the state and has $2.7 billion of deposits. In addition, the bank also has 16 offices within the state, which represents 100% of its total domestic offices.

Main Office Address: 500 S. Minnesota Ave Sioux Falls, SD 57104

Website: www.firstpremier.com