The Bottom Line Volume IV 2021

Volume IV 2021

The

Independent and proud of it!

Bottom Line

Ipswich State Bank

Fed Taper Tactics: A Review of Past QE Wind-Down Strategies Public Banking: The Case Against Bureaucratic Banking Megan Olson, President & CEO of ICBSD

South Dakota’s Voice for Independent Community Banks Brian Gilbert, Chairman of ICBSD, Senior Vice President, The First National Bank in Sioux Falls

Jim Reber, President ICBA Securities

Bank Holding Company Compliance Issues for Community Banking Organizations Charles D. Gullickson, Davenport Evans Law Firm

Federal Delegate’s Report Emily Hofer, ICBA National Director, Merchants State Bank, Freeman, SD

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contents

INSIDE This Issue ICBSD 2021

FROM THE DESK OF 2 President’s Message

by Megan Olson, President & CEO of ICBSD

5 Rebeca’s Remarks

Flourish

by Rebeca Romero Rainey, President & CEO of ICBA

6 From the ICBSD

7

Chairman

by Brian Gilbert, Chairman of ICBSD, Senior Vice President, The First National Bank in Sioux Falls

From the ICBA Chairman From the Top

by Robert M. Fisher, Chairman of ICBA FROM CAPITOL HILL

9 Federal Delegate’s

10

Report

by Emily Hofer, CFO, Merchants State Bank, Freeman, SD, ICBA National Director

ICBSD PAC: Contribute Today!

Community spirit 12 Bank Holding Company Compliance Issues for Community Banking Organizations

by Davenport Evans, an ICBSD Preferred Partner

www.icbsd.com P.O. Box 615, Watertown, SD 57201 605.878.3040

megan@icbsd.com

14 Ipswich State Bank 18 ACH Fraud Risk Mitigation Steps

by Travelers, an ICBSD Preferred Partner

20 2021 Fall Conference in Review

22 Meet our New Members 23 Valerie Anderson-

Boudaka Named SD’s Next Federal Delegate on the Federal Delegate Board

25 Main Street, Inc is

Pleased to Announce Jeff Gleason as our Chief Financial Officer Main Street, Inc

26 Portfolios Morph

Fed Taper Tactics, A Review of Past QE Wind-Down Strategies

by Jim Reber, President and CEO, ICBA Securities

28 United Bankers’ Bank

and RiskScout Announce Partnership to Provide Turnkey Solution to Safely and Effectively Enter New Growth Markets United Bankers’ Bank

President’s Message From the president

megan@icbsd.com

Megan Olson, President & CEO of ICBSD

PUBLIC BANKING: The Case Against Bureaucratic Banking Community banks in South Dakota and nationwide have been instrumental in sustaining small businesses and local communities throughout the coronavirus pandemic, but proponents of taxpayer-funded banking in certain states and municipalities threaten to undermine this system and its benefits to consumers.

While public banking advocates support relying on taxpayer funds to finance small-business and consumer loans, policymakers don’t need to recreate the wheel when there are 5,000 community banks at 50,000 locations across the nation with a proven track record.

Meeting local needs

While the plan is partly designed to remove government deposits from large Wall Street banks, 53 percent of state and local deposits and 31 percent of federal deposits are held by community banks. These deposits comprise over 10 percent of total assets for nearly half of community banks, meaning public banking would also displace locally based community banks and their ability to extend credit to local communities.

Bureaucratic banking Further, public banking wouldn’t create a safer and more efficient way to allocate credit. A public bank established today would be subject to the same bureaucratic inefficiencies of any other public entity.

As locally based small businesses, community banks channel their loans to the neighborhoods where they and their depositors live and work. Their relationship-based business model and timely decision-making is exemplified by their leadership in the Small Business Administration’s Paycheck Protection Program, which supports small businesses that use the forgivable loans to retain their workers.

What’s more, lending decisions currently based on localized knowledge and creditworthiness of the borrower would be replaced by political mandates, with public bank executives answering to the elected officials that appoint them and the politics of the day.

According to SBA data, community banks made more than 60 percent of PPP loans supporting the retention of over 33.7 million employees nationwide in 2020. In addition, community banks made the majority of PPP loans to minority-owned (72.6 percent), women-owned (71.5 percent), and veteran-owned small businesses (63.4 percent).

Neither is public banking a “safer” place for consumers to park their money. Public banks are likely to be less regulated than private banks because they would not be supervised by a federal banking regulator.

Community banks participate heavily in this program not because of political pressure, but to best serve struggling small businesses and communities in dire need of economic support.

Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks only thrive when their customers and communities flourish.

Public displacement Unfortunately for the communities that community banks serve, several states and local municipalities are considering establishing taxpayer-funded public banks.

2 The bottom line

Regulatory risk

Further, deposits of a public bank that forgoes FDIC insurance would be backed by the full faith and credit of a state or municipality, shifting the risk of loan losses or the bank’s failure to taxpayers. The FDIC’s Deposit Insurance Fund, by contrast, is fully funded by the banking industry. No depositor has ever lost one cent of an FDIC-insured deposit.

Under public banking, a cash-strapped state or municipality would provide little support against unexpected losses at the bank or, worse, could be tempted to draw on the bank’s capital cushion.

Simply put, public banking poses excessive risks to taxpayers. To further empower consumers, small businesses and agriculture borrowers, policymakers should focus on ways to support the 5,000 community banks meeting their needs today.

SO R E P N I *YES,

N!

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4 The bottom line

Rebeca’s Remarks Flourish From the president

Rebeca Romero Rainey, President & CEO of ICBA

Winter is upon us. Dec. 21 marks the solstice, the official start of winter and the shortest, darkest day of the year. But as I see it, that milestone also signals a transition to light, as days grow longer from there.

“While our decisions over the past year have been driven even more by our mission than by our bottom lines, we’ve also achieved good results.”

It’s a fitting analogy for community banking in 2021. With all that has happened – from continued uncertainty to the politicization of our world to increased competition – we could have been tempted to look around and see only darkness. But we haven’t. Despite the intense environment, we’ve chosen to not only focus on the light; we’ve helped bring it, too.

In fact, as I look back on this year, I’m struck by how much we were able to make a difference in the lives of our customers. We didn’t allow ourselves to be pulled down. Instead, we rose to the challenge of supporting those who needed us in three critical ways.

1. We prioritized our communities.

When times looked difficult over the past year, community banks upped their game.

For example, community bank engagement in programs like the Paycheck Protection Program (PPP) helped small businesses navigate the continued ripple effects of COVID-19.

Businesses and consumers were able to rely on the stability of their local community bank to support them in uncertain times.

2. We strove to support our work families, our teams.

With uncertainty about branch openings and in-person staffing, we came up with new and creative ways to think about bank work environments. We also explored new ways to

Where I’ll be this month

recruit and retain with benefits we had never previously thought possible, including flexible

I’m looking forward to gathering with the ICBA team in our various offices and spending time with family and friends as we celebrate holiday festivities.

connected and supported.

and remote work opportunities. We focused our efforts on ensuring employees felt safe,

3. We outperformed as businesses.

While our decisions over the past year have been driven even more by our mission than by our bottom lines, we’ve also achieved good results. For community banks, earnings have been strong and balance sheets solid. We’ve been in a place of continued growth and development. As it turns out, doing good is just good all around.

Now we’re heading into the new year positioned well amid continued change. By staying focused on who we are as community bankers, we have flourished. I’m certain that our

@romerorainey

collective mission of putting community first has helped us weather this year’s storms and will be our guiding light in 2022.

I wish you and yours a very happy, healthy and prosperous holiday season!

ICBSD 2021 5

bdgilbert@fnbsf.com

From the Chairman’s Desk

From the Chairman

rian Gilbert, Chairman of ICBSD, B Senior Vice President, The First National Bank in Sioux Falls

South Dakota’s Voice for Independent Community Banks The holidays are officially upon us, and with that so is the ‘season of giving’. For independent bankers, giving back to the families, businesses and communities we serve is not a season.

It is second nature and part of our everyday life. As you continue to do what you do best throughout the ‘season of giving’, I ask that you consider making a donation to the ICBSD PAC 100 Club.

The ICBSD Political Action Committee is the only PAC in the state dedicated exclusively to representing independent community banks. The purpose of the PAC is to educate our state legislators as well as new legislative candidates on key issues impacting the community banking industry. Funds generated through the ICBSD PAC are used to support candidates from sides of the aisle who are committed to generating a successful economic and regulatory environment for community banks and the communities they proudly serve.

Why is your participation in the PAC important? Your participation helps ensure independent community banks have a seat at the table when issues affecting community banking

are being discussed in the state capitol. The PAC 100 Club is an annual $100.00 contribution from each member of your bank’s board of directors. You can learn more about the ICBSD PAC and view a list of current club members by visiting ICBSD.com/ political-action-committee.

Another way you can support the ICBSD PAC is by attending the 2022 Black Hills Retreat which is taking place July 28-30, 2022 at Deadwood Mountain Grand in Deadwood, SD. The annual retreat has become a tradition for my entire family, and I think you and your family will enjoy it too. All proceeds raised from the retreat support the PAC. In closing, I would like to thank you for your continued support of the association as well as for your consideration in joining the PAC 100 Club. There are many legislative issues at the state level that remain to be solved, and our work there is not yet done. We must continue to push the pavement on these key issues, especially as we prepare for the upcoming legislative season.

Wishing you all a safe and blessed holiday season!

join the pac 100 club Your PAC 100 contribution supports legislative candidates throughout our bankers’ districts. to join the pac 100 club, mail a check to: ICBSD PAC, PO Box 615, Watertown, SD 57201

6 The bottom line

@ RobertMFisher

From the Top

From the Chairman Robert M. Fisher, Chairman of ICBA

“Let’s collectively commit to being more present in all of our interactions. It won’t be long until we recognize what a true gift that is to ourselves and those we serve.”

With the holiday season upon us, the concept of “present”

While not a complicated theory, it can be difficult to practice.

takes on a frantic connotation. The quest for the right item can

As business leaders, we’re focused on planning for the future,

become a daunting task that takes away from its intended spirit

and it can be hard to see what’s happening in the now. But

of connection. That realization got me thinking about a book,

little choices can make all the difference. For example, in team

“The Present,” which argues that the act of being in the moment

meetings, we’ve instituted a policy of checking our devices at

is a gift unto itself.

the door. We’re more focused with each other as a result.

A friend of mine sent me “The Present” a few years back, precisely because I was going here, there and everywhere. In reading it, I recognized that in my hurry to get the next thing done, I wasn’t present for my family or those at work in the way that I wanted to be. Its message resonated with me, reminding me of the importance of being in the moment with the people

But a business can’t thrive by only living moment to moment; you also need to learn from the past and prepare for the future.

Think of it like a coach. On the field, you have to focus on the play at hand, because points are scored in the present. On the other hand, your calls are informed by past mistakes and future opportunities, so the key is to consider the past and future in

in my life.

light of what’s right in the moment.

That’s where we need to be as community bankers, listening to our communities’ and customers’ needs and interests in

myTOP3

My top three takeaways from Spencer Johnson’s “The Present” are:

1. L earn from the past, but don’t dwell in it.

2. E njoy the moment you’re in.

3. P lan for the future but be

this moment. That active presence will help us uncover issues and truly hear from them in a way that sets us up, not only to address concerns but to prepare for future products and services, too.

Lucky for us, this concept of being present speaks to our missions as community bankers. I can think of no better way of building relationships than to fully engage to our customers and teams. So, let’s collectively commit to being more present in all of our interactions. It won’t be long until we recognize what a true gift that is to ourselves and those we serve.

Happy holidays and best wishes for a truly present season!

content with the now.

ICBSD 2021 7

Peace on Earth,

Good Will to All.

8 The bottom line

ehofer@msb-sd.com 605-660-4790

“ICBA is always working in the background, championing our industry. The staff of ICBA are constantly finding ways to advocate and innovate for the industry and to provide education for members and their staffs.”

Federal Delegate’s Report

by Emily Hofer, ICBA National Director, Merchants State Bank, Freeman, SD We did it! We made it to the end of the year! Remember last year when we talked about getting “back to normal in 2021?” In my opinion, 2021 has been anything but normal! I’m slowly coming to the realization that the “new normal” and the only constant – is change. In the past decade, we have banked through good and bad times, interest highs and lows, droughts and floods, PPP, regulators’ whims and whimsies, and constantly changing regulations that force us to police not only ourselves, but our customers also. As an industry, Community Bankers have always pulled up our boot straps and proven ourselves to be nimble, flexible, and the best resources for our communities, Main Street businesses, and family farms. Community banks build stronger communities.

At a local level and at specific moments in time, it can seem like we are each fighting the good fight on our own. I’m reminded of stories of lenders working around the clock to ensure that their customers’ PPP applications were accepted before the money ran out. I’ve

talked with bankers in southern Louisiana who worked tirelessly to help employees, customers, and their communities after the devastating effects of a hurricane and to ensure near-seamless access for those communities to accounts, cash, and other resources. I’m sure each and every one of us has stories like these to tell.

The one constant in all of those stories is that we are NOT fighting those fights alone. ICBA is always working in the background, championing our industry.

The staff of ICBA are constantly finding ways to advocate and innovate for the industry and to provide education for members and their staffs.

On the Advocacy front, ICBA engages Congress and federal regulators to ensure they understand our industry and concerns. ICBA is leading the effort to protect bank customer privacy and stop the IRS reporting proposal. The association’s campaign has generated nearly a million messages to Congress from hundreds of thousands of Community Bankers and their customers.

ICBA secured more than $60 billion in PPP funding exclusively for Community Bank lenders. In my recent ICBA Safety & Soundness Committee meeting, we spent a significant amount of time discussing recent climate risk mandates and the effect those will have for our banks. ICBA will oppose proposals under consideration in the Administration, the agencies, and Congress to create new mandates regarding climate risk.

On the Innovation front, ICBA continues to provide services and solutions to best meet your bank’s needs. In addition to partnering with vendors to provide

best-in-class solutions and prices, ICBA has several solutions in-house such as ICBA Bancard®, TCM Bank N.A., ICBA Securities®, ICBA Reinsurance® and CRA Partners®. Finally, the association has developed the ThinkTECH Accelerator program to connect Community Bankers with emerging fintech providers to collaborate on products designed to best meet the needs of Community Banks. I encourage you to find out more about all of these solutions.

When it comes to Education, ICBA’s Community Banker University® is secondto-none to serve Community Banks of all sizes, providing practical, relevant, and timely education to bankers at every level and stage of their careers.

Community Banker University® has eleven professional development tracks, nine nationally recognized certification programs, and more than 350 timely online courses.

As my time as South Dakota’s Federal Delegate to ICBA comes to an end, I have been reflecting on all of the meetings, emails, and conversations I’ve had with leadership bankers and ICBA staff members across the country. Certainly, I have learned a lot about the industry. I have witnessed first-hand how hard ICBA is working on our behalf. It has been exciting to work with so many passionate and intelligent leadership bankers that give their time and talents to benefit our industry. Meeting those bankers, working with them, and developing friendships with them has been the highlight of my tenure as Federal Delegate. Thank you to you – South Dakota Community Bankers – that have allowed me to serve you and our industry.

ICBSD 2021 9

Contribute

Today!

Thank you for supporting the ICBSD Political Action Committee!

2021 Pac 100 Club

The ICBSD Political Action Committee... helps provide South Dakota community banks with a strong voice in state politics through contributions to candidates for state elected offices.

These contributions help ensure we have a seat at the table when issues affecting your bank are being discussed in Pierre.

Farmers State Bank, Turton Monte Troske, Mark Troske, Rory Troske, Wayne Board, Terry Vogel, Kevin Teigen

First Western Federal Savings Bank Jeffery Fullerton, Nicholas Conway, Dean Zubke, Ted Grooms, Leroy Christianson, Peter Molitor Jr.

Bell Bank Todd Holzwarth

Campbell County Bank

Contribute Our thanks in advance for your support of the PAC 100.

Your PAC 100 contribution supports legislative candidates throughout our bankers’ districts.

Contact Megan Olson to learn more. megan@icbsd.com Your checks can be mailed to: ICBSD PAC PO Box 615 Watertown, SD 57201

Robert Huber, Troy Beck, John Wiest, Myron Rieker, Roy Dean Schwartz, Bruce Brandner, Scott Nuzs

Reliabank David Johnson, Jan Johnson, David Ebbers, Josh Hogue, Jane Swenson, Bob Smithback, Hugh Bartels, Mark Lee, Jeremy Keizer, Reid Johnson

BankStar Financial Charles Hagerfeld, Harold Schoeneman, John Heylens, Craig Steen, Greg Fargen, Fredrick Hegerfeld

Rivers Edge Bank Jodi Eich, Don Nolan, James Viet, Tony Lauters, Cameron Becker

First State Bank of Roscoe Joell Bieber, Toni Bukaske, Kelly Eiseman, Lori Faw, Phillip Hettick, Brittany Hoff, Jessica Holscher, Sandra Kirschenmann, Cindy Rohrbach, Clay Spielman, Patty Beyers, Robert Kaul, Chad Lang, Reed Swenson, Mary Jo Grismer, Kim Oster

CorTrust Bank Roger Weber, Jack Hopkins, B. D. Hopkins, Mark Hahler, James Grotenhuis, Robert Hopkins, Jeff Smith, Troy Olson, Donald Threadgold

Merchants State Bank Dean Dreessen, Emily Hofer, Steve Schmeichel, Tor Sorlien, Robert Satter 10 The bottom line

ICBSD 2021 11

Bank Holding Company Compliance Issues

for Community Banking Organizations Most South Dakota-based community banking organizations include a bank holding company, perhaps resulting from when the organization made its first acquisition and needed outside financing to get the deal done. Regardless of why the organization chose to create a BHC, that BHC for most South Dakota banking organizations is likely to be its only point of contact with the Federal Reserve Board, the exclusive regulator of BHCs although the Federal Reserve is the primary federal regulator for only a handful of banks in South Dakota. Most South Dakota banks (national banks and state non-member banks) have the OCC or the FDIC as their primary federal regulator and thus lack a regular, active relationship with the Federal Reserve even if they have a BHC. Most community banking organizations, however, will from time to time have reason to bring their BHC into some sort of interaction with the Federal Reserve.

It is worth pausing to reflect on BHC regulatory issues that may pop up.

Ownership of BHCs by a Trust The owners of privately held BHCs often choose to hold their shares in trust; it might be something as simple as a revocable (living) trust with the grantor acting as trustee, followed by other 12 The bottom line

arrangements to distribute the BHC shares on the death of the grantor.

When placing BHC shares in a trust it is important to remember that a “company” for BHC purposes can include a trust unless certain requirements are satisfied.

Federal Reserve Board regulations implementing the Bank Holding Company Act defined “company” for BHC purposes to include “any bank, corporation, general or limited partnership, association or similar organization, business trust, or any other trust unless by its terms it must terminate either within 25 years or within 21 years and 10 months after the death of individuals living on the effective date of the trust” (see 12 CFR § 225.2(d)(1)). To avoid one’s trust becoming a BHC itself (which for most would be an undesirable result), one should make sure that any trust that owns BHC shares will terminate within 25 years after its creation or within 21 years and 10 months after the death of individuals living on the effective date of the trust. Because of how “company” is defined for BHC purposes, generally one would not put bank or BHC shares in a dynasty trust.

Note that “company” for BHC purposes also includes a business trust. Neither

the Bank Holding Company Act nor its implementing regulations define the term “business trust,” but there is some risk that if a trust owns other ongoing, active businesses (in addition to BHC shares) the Federal Reserve may take a position that the trust is a “business trust” and thus a “company” for BHC purposes. Thus, if a grantor of a trust owns both BHC stock and other ongoing, active businesses, the best course of action is to create one trust for the BHC shares and a separate trust for other ongoing business activities.

Capital Adequacy Requirements and Leverage Limitations for Small Bank Holding Companies Capital adequacy requirements are an omnipresent reality for state and national banks. “Small” BHCs, however, face a different reality. More specifically, BHCs with total consolidated assets of less than $3 billion are not subject to Federal Reserve Board capital adequacy requirements, and thus the risk-based capital requirements and leverage rules that apply to other banking organizations do not apply to BHCs with less than $3 billion in consolidated assets.

Although small BHCs are exempt from the capital adequacy requirements, that does

“Most community banking organizations, however, will from time to time have reason to bring their BHC into some sort of interaction with the Federal Reserve. It is worth pausing to reflect on BHC regulatory issues that may pop up.”

not mean they are free from regulation of the liability side of their balance sheet.

Small BHCs are subject to leverage limitations found in the Federal Reserve Board small bank holding company policy statement set forth in Appendix C to 12 CFR Part 225. Among other things, the policy statement has these limitations on leverage for a small BHC: • The BHC may use debt to finance up to 75 percent of the purchase price for an acquisition (although in reality the Federal Reserve becomes uncomfortable with approving an acquisition where the acquisition debt gets close to 75 percent).

• When incurring debt a small BHC must be able to demonstrate that the debt can be retired within 25 years after being incurred and that it will have a debt-to-equity ratio of .3 to 1, or less, within 12 years after the debt is incurred.

• A small BHC with a debt-to-equity ratio of greater than 1.0 to 1.0 is not allowed to pay dividends unless certain criteria are satisfied.

The limitations on leverage set forth in the small bank holding company policy statement apply not only to acquisition debt but also to any other forms of debt incurred by the BHC, such as debt incurred to finance a redemption by a BHC of its own shares.

Change in Control Issues Bankers are generally aware that a change in control of a banking organization requires prior approval from that organization’s primary regulator(s).

The change in control regulations applicable to BHCs are found in 12 CFR §§ 225.41 through 225.44.

There are several nuances to the change in control requirements that one should consider including, for example, the definition of “control” for these purposes.

Generally, “control” consists of the power to vote 25 percent or more of the “shares of any class of voting securities, whether directly or indirectly or acting through one or more other persons…” even if one or more other shareholders have a larger stake in the BHC (see 12 CFR § 225(e)(1)(i)). Under these rules “control” also exists if a person has the ability to exercise a controlling influence over the management or policies of a bank or BHC or if a person is “acting in concert” with other persons – and it is noteworthy that a person will be deemed to be “acting in concert” with other members of his or her immediate family.

The change in control requirements apply to not only voluntary, intentional acquisitions of control but also to what one could refer to as an involuntary acquisition of control, such as a receipt of bank or BHC shares through a gift or by inheritance. Unlike voluntary acquisitions of control, which require prior regulatory approval, prior approval is not required for involuntary acquisitions of control.

Instead, one who acquires control of a banking organization through a gift, inheritance, or other similar transaction must file the appropriate notice of change of control within 90 days after the event which caused that person to acquire control of the banking organization.

written by Charles D. Gullickson

Gullickson is an attorney at Davenport, Evans, Hurwitz & Smith, LLP Contact Charles at cgullickson@dehs.com

www.dehs.com ICBSD 2021 2021 13 ICBSD

Ipswich

State Bank

HISTORY

John F. Holdhusen, 1938 investor (Tom’s Grandfather) and J. Stew Holdhusen (Tom’s Dad).

14 The bottom line

In the early 1930’s, there were two banks in Ipswich, SD; The Bank of Ipswich and First State Bank of Ipswich. Like many banks in the Dirty Thirties, both experienced a run which led them to become insolvent. The community of Ipswich was without a bank until 1938 when 18 local citizens recognized the need for a community bank, pooled their money together and formed Ipswich State Bank. These folks joined together not because of their professional careers in banking, but because of a common interest they shared within their community; to establish a bank that would support commerce and the local economy, create jobs and nurture the families and businesses in the community. Some hailed from a financial background, while others were general laborers, managers and even a service truck operator. Over eight decades later, the customer-focused values on which the bank was built remain central to the bank’s operations today.

Hands on Learning For the past thirty-nine years, Shirley Williams has been reporting to work at Ipswich State Bank. She began working at the family run bank the day after her high school graduation in 1983 as a teller. Her plan was to work there only for a short period of time.

“I come from a family of nine, so there wasn’t a lot of money for college. I decided I would work and save money for a year then go to college. The bank was the perfect opportunity,” said Shirley.

Throughout her first year working at the bank, Shirley quickly realized there were many facets of bank operations.

She also discovered her passion for learning the intricate processes of bank operations. With her newfound passion and a hunger to learn, Shirley decided working at Ipswich State Bank was better than a traditional college education.

Working in the bank gave her a hands-on opportunity to learn and succeed in an industry she was truly interested in. From that point forward, Shirley committed to challenging herself, mastering the art of the bank and pushing herself to be the best she could be.

“Early on, my goal was to learn every position within the bank inside and out, and do it to the best of my ability. The challenge of learning new things was motivating for me,” said Shirley.

Now, thirty-nine years later, Shirley has worked as a teller, bookkeeper, loan processor and now serves as President and CEO of Ipswich State Bank. Shirley is also a co-owner of the bank. She attributes her successful and fulfilling career to her extraordinary mentor, former president and CEO, Dave Williams.

Dave was a lifelong banker who started at Ipswich State Bank in 1983 as a director and loan officer just two weeks after Shirley was hired. Dave’s father, a bulk fuel truck operator, was one of the eighteen individuals who helped form the bank in 1938.

Tom Holdhusen

Shirley Williams, President and CEO of Ipswich State Bank

The Ipswich State Bank includes: Robbie Williams, Deb Davis, Jamie Stiles, Judy Steen, Glady Rohrbach, Tammy Pitz, Deb Gillick, Shirley Williams. (Glady has been the custodian for 60 years!)

Dave and Shirley had a unique and special bond, their personalities clicked from day one. He took Shirley under his wing and constantly challenged her.

Dave taught her everything he knew, and always encouraged her to learn how different areas of the bank were run.

When Shirley had questions, she could always go to him for an answer. Dave was her colleague, friend and one of the best people Shirley has ever known. To this day, Shirley has a tremendous amount of respect and gratitude for him. “I wouldn’t be where I am today without his patience and guidance,” said Shirley.

Shirley isn’t the only individual within the bank to have a tremendous amount of respect towards Dave. He was known by all staff members and customers as being very intelligent, fair and easy to talk with.

Dave Williams was part of Ipswich State Bank from 1983 until his retirement in 2020. Even after his retirement, Dave was notorious for stopping by the bank to offer his helping hand.

He had a knack for encouraging and inspiring anyone who wanted to better themselves or their situation. In a time when most businesses around the country are struggling with labor shortages, Shirley recognizes how fortunate Ipswich State Bank is to have a team of loyal and committed employees who have been influenced and trained by Dave and the other extraordinary leaders within the bank.

“Dave helped build a positive and inviting work culture that has, to this day, contributed to our low turnover and the happiness of our employees. We are fortunate to have one employee who has been with us for over forty years. Others who are considered our ‘newbies’ have been with us for six years. That is saying something,” said Shirley.

ICBSD 2021 15

Ipswich St Customers First From her first day on the job at the age of eighteen, Shirley was taught the importance of having a “customer first” attitude and that always finding a way to help her customers was a way of life. Dave and former bank owner, Tom Holdhusen, would frequently tell Shirley and the other staff members, “The customer is our business, taking care of them is our number one job. Without the customer, we would not be here. We depend on them, as much as they depend on us.” These words of wisdom were lived out by the generations of bankers who came before Dave and Tom. Now, long after their departure from the bank, their words live on and are being passed down to the next generation of community bankers.

For Ipswich State Bank, their staff’s commitment to customer satisfaction is what makes them unique and has contributed to their success through the years. For this reason, it is a key part of their succession planning as they train in the next generation.

“Everyone in the bank is an expert in their role. We all understand no one role is more important than another. Each person and their responsibilities are vital to the success and longevity of the bank and we all take this very seriously,” explained Shirley.

The Next Generation

Robbie Williams, Shirley’s son, currently serves as Vice President of the bank. With a strong background in agriculture and banking, Robbie built up tremendous credibility with customers. This will serve him well one day when he assumes the role of bank President.

In order to ensure a smooth and seamless transition from one generation of management to the next, Ipswich State Bank wastes no time recruiting the next group of bankers and onboarding them within the bank. In fact, Shirley’s successor, Robbie Williams, has already been with the bank for ten years. For the management team, bringing up future bankers slowly and over an extended period of time has proven to be critical in passing down the “customer first” attitude. Ideally, they begin the onboarding process five to seven years prior which allows for adequate hands-on learning time.

“Robbie has the formal education, but needed the hands-on education. A classroom setting can’t teach the variety of ways we assist our customers and put their needs first, how we process loans and manage specific operations within the bank,” said Shirley.

Robbie, Shirley’s son, pursued his undergraduate degrees in banking and finance at Northern State University. Like his mother, he has spent the last ten years mastering the ins and outs of every facet of the bank. Shirley will pass down everything she has learned to her son Robbie, just as Dave did with her continuing the “customer first” attitude.

16 The bottom line

tate Bank “Ipswich State Bank has been open for business for nearly eight decades, and through the years their commitment to customers and the community has not wavered. This commitment and the respected reputation that comes along with it is a true testament to the individuals who have had a formative hand in the bank throughout the years.”

Community Involvement Mastering the “customer first” attitude within the bank isn’t the only thing the next generation will be responsible for. It will be up to them to continue the bank’s longstanding reputation and tradition for community support and involvement.

Whether they’re looking for financial advice, a monetary donation or volunteers, community members know they can go to employees of Ipswich State Bank and be taken care of. Through the years, Ipswich State Bank has played a key role in supporting the town’s annual celebration, Ipswich Trail Days. Notorious for its bull and bronc riding event and concert, the celebration attracts people from out of town and is a good boost for the local economy.

“It is the best weekend for the community and businesses. It takes a lot to manage the event and keep it going, we’re proud to be part of it,” said Shirley.

Ipswich State Bank has been open for business for nearly eight decades, and through the years their commitment to customers and the community has not wavered. This commitment and the respected reputation that comes along with it is a true testament to the individuals who have had a formative hand in the bank throughout the years.

From the eighteen individuals who started the bank in 1938, to the seven current owners now, excellence is being passed down from generation to generation.

ICBSD 2021 17

ACH Fraud risk

Mitigation Steps

by Travelers, an ICBSD Preferred Partner

Banks and financial institutions rely on technology to operate successfully and provide the best products and services for customers. With technology, though, comes the heightened risk of falling victim to wire fraud schemes that can result in significant financial losses.

One example of this is Automated Clearing House (ACH) debit entry fraud, when a bad actor executes ACH transfers from a victim’s bank account into an account controlled by the fraudster.

Because of the rising popularity in using ACH transfers and strict National Automated Clearing House Association rules, banks and financial institutions have never been more at risk: According to the most recent Federal Reserve Payments Study, the number of ACH debit transfers (16.6 billion) exceeded the number of check payments (14.8 billion) for the first time in 2018. In 2000, to provide context, there were 42.6 billion check payments and only 2.1 billion ACH transfers.

“More people and businesses are using this type of transaction, but financial institutions should be aware of the risks involving ACH and the potential for fraud,” said Jerry Keup, National Underwriting Officer, Banks and Diversified Financial at Travelers. “There are steps these institutions can take to reduce the likelihood of a fraudulent incident taking place, but they should be vigilant and address any vulnerabilities seriously.”

18 The bottom line

Travelers is committed to managing and mitigating risks and exposures, and does so backed by financial stability and a dedicated team – from underwriters to claim professionals – whose mission is to insure and protect a company’s assets.

For more information, visit www.travelers.com or talk to your independent insurance agent about ACH coverage.

Risk mitigation steps include, but are not limited to: Develop methods to identify synthetic identity fraud.

The Federal Reserve bank has identified red flags to aid in recognizing synthetic identity fraud. These include paying close attention to accounts that show: • The credit file depth is inconsistent with the customer age or other profile information.

• Multiple identities with the same Social Security number.

• Multiple applications from the same phone number, mailing address or IP address.

• Use of secured credit lines or piggybacking to build credit.

• Social Security numbers issued after 2011.

• Multiple authorized users on the same account.

Monitoring and analytics.

Using software and analytic data can often detect financial crime attempts much faster than the human eye.

But even the best controls can fall short. Travelers offers a wide range of coverages for financial institutions, including an endorsement that covers two specific ACH scenarios: • A fraudster opens a deposit account with a bank or credit union, then feeds that account with stolen funds from victims through ACH pulls.

• A fraudster establishes a loan or line of credit with a bank or credit union and causes ACH transfers from victims’ accounts to repay the loan or line of credit.

Preventive measures taken or reinforced now against ACH fraud attempts can lead to positive results in the future. It’s worth the time and investment.

ICBSD 2021 19

2021 Fall Conference in Review

ICBSD Preferred Partners kicked off the 2021 Fall Conference by participating in Pitch Perfect, an engaging speed networking activity. Each Preferred Partner spent five minutes with a small group of community bankers and delivered their elevator pitch, then rotated throughout the room.

Tony Venditte, Vice President, Correspondent Banking Officer with United Bankers’ Bank

.

Nick Podhradsky, Vice President of Sales and Reece Simpson, Account Executive with SBS CyberSecurity

Todd Holzwarth, Senior Vice President of Correspondent Banking Business Development Officer, and Annette Ambueh, Commercial Lines Manager, with Bell Bank

Michael Hahn, Correspondent Banking Manager, with The Advantage Network

Tom Fogarty, Audit Partner, John Jarding, Senior Audit Associate and Donovan Nibbelink, Audit Manager, with Eide Bailly

Jon Clay and Megan Greenfield, Network Account Executives, with SDN Communications

Paula Hulscher, Executive Vice President, with First District Development Company

20 The bottom line

Bret Afdahl, Director, and Michael Dummer, Deputy Director, of the South Dakota Division of Banking held a discussion on “The State of Banking in South Dakota”

Lorraine Polak, Executive Director, South Dakota Housing Development Authority gave an update on “The Housing Landscape”

Eric Jennings, President of the South Dakota Cattlemen’s Association, gave an update on the beef and meat packing industries.

Chris Schilken, Deputy Commissioner and Director of Business Development for the South Dakota Governor’s Office of Economic Development spoke on the economic impact of COVID-19, major projects happening in the state and why relationships and funding with community banks are important to economic success.

“South Dakota’s Best Ag Panel” was hosted by ICBSD Chairman Brian Gilbert. Participants included Eric Jennings from the South Dakota Cattlemen’s Association, Glenn Muller from the South Dakota Pork Producers and Jerry Schmitz from the South Dakota Soybean Association

ICBSD ICBSD 2021 2021 21

meet our new members

Join us in welcoming

our newest bank & Associate Members BANK MEMBERS First International Bank and Trust, Elkhorn Valley Bank & Trust, Pioneer Bank and Trust - Spearfish

associate MEMBER IFam Capital

22 The bottom line

Community Banker ELECTED to the 2021 ICBA Federal Delegate Board

Valerie Anderson-Boudaka, President of Farmers State Bank, Canton, SD

Local Leader Helps Deliver Community Banking Message to Nation’s Capital Washington, D.C. (December 2021) – The

community bankers and ICBA staff and leadership in

Independent Community Bankers of America (ICBA)

Washington, D.C. She will also work to recruit new

today announced that community banker Valerie

members to ICBA.

Anderson-Boudaka, President of Farmers State Bank, Canton, SD was elected to the ICBA Federal Delegate Board. ICBA is the nation’s voice for community banks.

ICBA is the only organization dedicated exclusively to promoting the interests of locally operated community banks and savings institutions. With trusted financial

“I am honored to be elected to represent our industry

expertise and high-quality customer service as their

and help ICBA communicate the positive story of

hallmarks, community banks offer the best financial

community banking,” Valerie said. “As relationship-

services option for millions of consumers, small

based lenders, committed to ensuring the financial

businesses and agricultural enterprises.

health of local consumers and entrepreneurs, community banks are central to creating communities of prosperity nationwide.”

“Valerie is a dedicated advocate for her community who is well-respected by her industry peers,” said ICBA Chairman Robert M. Fisher, president and CEO of

In addition to helping shape and advocate ICBA’s

Tioga State Bank. “We are fortunate to have Valerie

national policy positions and programs, Valerie’s

serve in this volunteer capacity in pursuit of creating

duties include engaging in grassroots activities in South

an environment where community banks, and the

Dakota and serving as a liaison between independent

communities they serve, continue to flourish.”

About ICBA The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

ICBSD 2021 2021 23

2022 Legislative CALLS

Jan 12- Mar 28 The 2022 South Dakota State Legislative session is happening January 12, 2022 - March 28, 2022. Every Wednesday during the legislative session (beginning January 12th),

wednesdays @1:30Pm

ICBSD Lobbyists Dean Krogman, Matt Krogman and ICBSD President/CEO Megan Olson will be holding an informational call to summarize legislative happenings and updates. Stay informed by simply dialing in from any location using the toll free number and pass code below!

If there are particular bills you want discussed please notify Megan prior to the call via email:

megan@icbsd.com

CALL 24 The bottom line

866-678-6823

Code: 9417984

Main Street, Inc. is pleased to announce Jeff Gleason as our Chief Financial Officer (CFO) BIRMINGHAM, Al – Main Street, Inc., a leading

“Main Street, Inc. has an impressive history and I plan

provider of data-driven print and communication

on leveraging my financial and operational background

solutions to community financial institutions across the

to help drive overall performance and create value to

nation, is pleased to announce Jeff Gleason as our Chief

continue the company’s legacy,” Chief Financial Officer

Financial Officer (CFO).

Jeff Gleason said. “I’m fortunate to join a team of smart

As CFO, Jeff joins the Leadership Team and will be responsible for leading and directing all accounting and corporate finance, overseeing tax, managing financial

and dedicated individuals and look forward to working with them on executing our company’s goals and objectives.”

audits and product inventory as well as lending strategic

Prior to joining Main Street, Jeff served as Chief Financial

insights towards diversifying the company for long-term

Officer for Food Sales East, Insight Card Services and

growth for our Main Street Checks, Onovative and Ecommerce divisions.

Amsher Collection Services, Inc. He was responsible for developing and implementing all accounting

Ted Walton, President of Main Street, Inc. said, “Everyone

functions, including increasing EBITDA, financial

is excited to have Jeff join as Main Street’s CFO. I’m

reporting, budgets, cost reduction solutions, profitability

confident he will provide valuable thought leadership

and valuation models. He is a strategic change agent

regarding financial, operational and strategic decisions

with more than 20 years of experience in accounting

to continue our strong upward trajectory. More

and finance. Jeff holds his CPA and is a graduate

importantly, he is a great cultural fit for us with positive

of Mississippi College for his bachelor’s degree and

beliefs about people, integrity and growth.”

University of Alabama Birmingham for his MBA.

About Main Street, Inc. Main Street, Inc. is a leading provider of data-driven print and communication solutions through its Main Street Checks, Onovative and Ecommerce divisions. In 1998, the company established an affordable, simple, and efficient checking program that has impacted thousands of community financial institutions nationwide. The foundation this family-owned company created decades ago continues to provide more than 2,100 financial institutions with superior customer service, program performance and growth solutions to meet their unique needs. Main Street, Inc. is headquartered in Birmingham, AL. For more information, visit www.mainstreetinc.com or follow Main Street, Inc. on LinkedIn or Twitter.

ICBSD 2021 2021 25

Fed Taper Tactics A review of past QE wind-down strategies

Maybe the U.S. economy has improved to the point where further quantitative easing isn’t as critical to the Federal Reserve’s policy of “accommodation.” It certainly looks like the Fed has some further work to do on the portion of its mandate that relates to price stability, given the overshoot of its inflation goals. Fed Chairman Jay Powell said as much as early as this August, when he commented that “substantial further progress” has been achieved, and a month later stated that “moderation in the pace of asset purchases may soon be warranted.”

BY JIM REBER President and CEO of ICBA Securities ICBA’s institutional, fixed-income broker-dealer for community banks

Such unvarnished comments are not just welcomed by bond investors, they also have a specific purpose: to give clear indications of “forward guidance” so as to not throw the financial markets in the kind of chaos they experienced the last time we entered this phase of monetary policy. Remember the Great Taper Tantrum of 2013?

Then-Fed Chairman Ben Bernanke surprised the market in a May 2013 speech whereby he mentioned the wind-down of bond purchases, in which he didn’t give any timelines. The longer end of the Treasury market was spooked to the point that 10year yields rose by more than 100 basis points that year. To put this into perspective, the price of the 10-year note that was auctioned in May 2013 fell by more than ten full points by the end of the year.

More color What made the sell-off harder to explain is that the Fed actually continued to be a net buyer of bonds all the way until October 2014, when it began a policy of replacement investing. Its balance sheet basically ran in place at about $4.5 trillion until late 2017, at which point it began to let some maturities of both Treasuries and mortgagebacked securities (MBS) roll off.

The reason it’s worthwhile revisiting some of these events should be obvious: This time around, the Fed is sitting on double the amount of bonds it owned in 2017.

The numbers can boggle the mind: even with the mountain of debt that Treasury has issued over the last five years, the Fed still owns more than 20% of it. The upshot 26 The bottom line

“The stakes may be higher this time, as this wind-down is going to start at a much higher baseline than in 2019. But there’s this: more than 30% of the Fed’s balance sheet will mature in the next four years, so there will be plenty available to let run off.”

of this is that various Federal Reserve members, from the chairman to the governors to the regional presidents, will likely choose their words very carefully, and exhibit transparency and consistency, when discussing the great unwind – whenever that begins.

Been there, done that While the pay-down looks like a daunting task at the present, there are some positive historical data that likely are giving some support to bond prices currently.

Lost in the big build-up of inventory in the last 20 months is that the Fed had been very successful in shrinking its balance sheet between 2017 and 2019.

There were really three separate, but related, stages to the removal of policy accommodation during this five-year period. First, the Fed gradually got out of the bondbuying business (the “taper”).

Secondly, beginning in 2017 it stopped replacing some of its maturing investments, following a well-documented schedule of rolloffs. Thirdly, it raised Fed Funds nine times from 2015 through 2019.

When all was said and done, the interest rate curve from “2’s to 10’s” flattened by 125 basis points, and the Fed chased off

$750 billion in assets, or about 17% of its balance sheet. Perhaps most impressively, long-term rates actually fell during this tighteningand-paydown phase. This speaks to the Fed’s success in its forward guidance campaign, and also that it let portions of its balance sheet disappear slowly enough so as to not disrupt the bond market.

ICBA Securities’ exclusively endorsed broker, Vining Sparks, is one of the largest SBA 7(a) poolers in the country.

Vining Sparks is interested in purchasing guaranteed portions of SBA loans directly from your community bank.

To inquire about selling SBA guarantees, and to view its inventory of fixed- and floating-rate SBA pools, contact your Vining Sparks sales rep or

www.viningsparks.com

Fasten your seat belts The stakes may be higher this time, as this wind-down is going to start at a much higher baseline than in 2019. But there’s this: more than 30% of the Fed’s balance sheet will mature in the next four years, so there will be plenty available to let run off.

And there isn’t any mandated timetable to get to a normalized balance sheet level, so assuming that inflation stays within tolerable bands, the Fed can be relatively patient in its pace of unwinding its positions.

Still, it will be critical to the stability of the bond market for the Fed to be clear in its words and actions in the coming months and quarters. This forward guidance may replace “transitory” as the Fedwatch buzzword for 2022. The market values of a lot of fixed-income securities residing on community bank balance sheets will depend on it.

Bank Advisory and Strategic Services webinar Dec 9, 10am Quarterly bank industry update Vining Sparks’ Marty Mosby presents his quarterly Bank Advisory and Strategic Services webinar on Dec. 9 at 10 a.m.

Central. Bank profitability, industry risk and the M&A environment will be discussed. One hour of CPE is offered.

Visit www.viningsparks.com to register.

ICBSD 2021 27

About United Bankers’ Bank Headquartered in Bloomington, MN, United Bankers’ Bank is the nation’s first bankers’ bank, and a full service provider of correspondent banking services to community banks in: Minnesota, North Dakota, South Dakota, Montana, Nebraska, Indiana, Iowa, Wyoming, Idaho, Ohio, Oregon, Washington, Michigan, California, Arizona, South Carolina, Florida, Georgia and Illinois.

For more information please visit www.ubb.com.

About RiskScout RiskScout provides a turnkey compliance technology solution to financial institutions to enter highly-profitable emerging markets such as private ATMs, Money Services Businesses, Hemp, Cannabis THC, Cryptocurrency, and others, which often necessitates maintaining considerable BSA/AML compliance protocols. RiskScout is designed and developed from the ground up by a deep bench of risk and compliance experts with BSA officer and examiner experience. RiskScout is providing community financial institutions and hard-working entrepreneurs with the innovative tools they need to grow and remain viable and competitive within their marketplace.

For more information, visit www.riskscout.com

28 The Bottom bottom line Line

United Bankers’ Bank and RiskScout Announce Partnership to Provide Turnkey Solution to Safely and Effectively Enter New Growth Markets BLOOMINGTON, MN – United Bankers’ Bank (UBB), the nation’s first bankers’ bank, and RiskScout, the nation’s leading onboarding and due diligence fintech platform, today, announced their unique partnership to provide streamlined compliance solutions surrounding hemp and other emerging markets existing in our communities.

technologists, BSA officers and bank examiners, is an equal parts growth and compliance play. It’s all about opening larger deposits, fees and loan opportunities – leveraging the resources banks already have.”

Through this collaboration, UBB’s community banks will have the ability to offer financial services to underserved businesses, such as private ATMs, Cash Intermediaries, Money Services Businesses, Hemp, Cannabis, Cryptocurrency, and others, to which often pose a challenge to roll out this sort of business line due to the sheer magnitude of enhanced regulatory obligations that come with banking them.

“We are so happy to have the ability to deliver a new product line to our community banks up and down America’s main streets,” says John Peterson, UBB’s Executive Vice President and Chief Marketing Officer. “This growth product will empower our community banks to remain viable and competitive by generating additional fee revenue, deposits, lending and merchant opportunities; it allows them to continue to thrive and serve the communities to which they have built trusting and lasting relationships over many years.”

Says Justin Fischer, CEO and CoFounder of RiskScout, “We are beyond thrilled to partner with UBB to help community bankers bank more community businesses. There’s a massive underserved market of commercial businesses in emerging spaces right in a bank’s backyard. Our technology, developed by a deep bench of former

The partnership with RiskScout will involve direct collaboration between UBB and the high risk banking solution firm to align the needs of UBB’s community bank customers with the services provided by RiskScout. Detailed information about this exciting, new, cost-saving service can be found at https://ubb.formstack.com/ forms/riskscout.

2 0 2

J uly

2

e t a Save The D

Born to ROCK

K N BA

GET READY TO ROCK at the 2022 ICBSD Black Hills Retreat!

July 28-30, 2022 Deadwood Mountain Grand Deadwood, SD Registration details coming soon to ICBSD.com

ICBSD 2021 29

Coming April 2022

30 The bottom line

member benefit Career Opportunity Board

Is your organization

hiring?

If your organization is hiring...

Email the opportunity title, description, and application contact information to Megan at Megan@icbsd.com.

From there, we will post it to the careers board located on our website, and share it throughout our network!

icbsd.chambermaster.com/jobs/

ICBSD 2021 31

Take comfort in the sound investments of ICBA Securities.

Cover your community bank in the comfort of knowing you have quality investment products.

ICBA Securities powered by Vining Sparks is interwoven with ICBA — so when you put your trust in us, you support the community banking industry.

Find your snug investment options at icba.org/securities Member FINRA/SIPC

32 The bottom line

Our Preferred Partner program... is designed to foster mutually beneficial relationships between top-notch businesses and our members.

Show your support by doing business with the following preferred partners who support our association!

preferred Partners

CyberSecurity

P.O. Box 615, Watertown, SD 57201 605.878.3040

www.icbsd.com