Great Plains Bank

What Great Plains Bank does

Great Plains Bank is an independent, privately held community bank headquartered in Aberdeen, South Dakota, founded in 1920 to serve the agricultural and small-town economy of the region. The bank operates four locations across South Dakota — Aberdeen (headquarters with drive-up ATM), Eden, Eureka, and a Loan Production Office in Gettysburg — and serves personal banking customers, small-to-medium businesses, agricultural operators, non-profit organizations, and senior customers aged 60 and over. Its product portfolio spans personal checking and savings accounts (Freedom, Freedom Plus, Century, Money Maker, Youth), business banking products (Plainsman Checking/Savings, Corporate, Community Builder), consumer, residential real estate, agricultural, and commercial loans, certificates of deposit, Traditional and Roth IRAs, Coverdell ESAs, and SEP IRAs. Digital channels include internet banking and a mobile banking app available on iOS and Android, supplemented by phone banking.

The bank's business model rests on net interest income from deposits and loans, supplemented by fee income from account services, insurance commissions, and ancillary services such as safe deposit boxes, wire transfers, ACH, notary, and night depository. Pricing follows a tiered structure with minimum balance thresholds and monthly service charges (e.g., $7.50 for Money Maker Savings below $1,000, $2.00 for Personal Savings below $100). Loan pricing is locally decided rather than centralized, which the bank positions as a service differentiator. Distribution is branch-led with referral-style customer acquisition, printable loan applications for in-branch submission, and digital channels for top-of-funnel awareness and self-service.

The bank is owned by Great Plains Bancshares, Inc., which completed a $12.3 million exempt securities offering in October 2023 (following a $20 million offering in April 2018), indicating periodic capital raises to support balance sheet growth. The wholly-owned subsidiary Great Plains Insurance extends the franchise into P&C, crop, livestock, life, and commercial insurance products through independent agents with access to over 30 carriers. The bank is FDIC insured, an Equal Housing Lender, and operates with no parent company or institutional private equity ownership evident in the record.

Name

Great Plains Bank

Legal name

Great Plains Bank

Website

https://greatplainsbank.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

251–500 employees

Short description

Great Plains Bank is an independent, privately held community bank founded in 1920 in Aberdeen, South Dakota, operating four branches statewide and serving personal, business, agricultural, non-profit, and senior customers with deposits, loans, IRAs, and insurance through its wholly-owned Great Plains Insurance subsidiary.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking
• Personal banking
• Business banking
• Agricultural lending
• Consumer loans

Headquarters

HQ city

Aberdeen

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain

Pricing tiers

Distribution channels4 records

Marketing channels4 records

Core offering

Great Plains Bank is an independent, locally owned community bank that provides personal and business checking and savings accounts, certificates of deposit, individual retirement accounts, and a range of consumer, residential real estate, agricultural, and commercial loans. The bank supplements its deposit and lending offerings with digital banking (internet and mobile), safe deposit boxes, wire and ACH transfer services, and affiliated insurance products distributed through Great Plains Insurance.

Product overview

Great Plains Bank is an independent, locally owned community bank serving South Dakota since 1920 with four branch locations. The bank offers a comprehensive suite of financial products organized across personal banking (checking, savings, CDs), business banking (checking, savings, corporate accounts), retirement solutions (Traditional IRA, Roth IRA, Coverdell ESA, SEP IRA), and lending (consumer, agricultural, commercial, residential real estate). Digital banking services include internet banking and mobile banking app with features such as mobile deposits, bill pay, and eStatements. Insurance products are provided through Great Plains Insurance via independent agents. The bank positions itself as a full-service community institution with over 100 years of service history.

Differentiator

Problem solved

Functional benefit

Products and services

• Freedom Checking Basic checking account for individual consumers with no minimum balance requirement, no monthly service charge, free first box of checks on new accounts, online bill pay, ATM/debit card, and internet banking.
• Freedom Plus Checking Interest-bearing tiered personal checking account for individual consumers requiring a $500 minimum average daily balance, with a $7.50 monthly service charge if balance falls below the threshold.
• Century Checking Personal checking account designed for customers 60 years of age and over, with a $500 minimum balance to earn interest and free first box of checks on new accounts.
• Money Maker Savings Personal savings account with a $7.50 monthly service charge if the average daily balance falls below $1,000.
• Personal Savings Interest-bearing personal savings account requiring a $100 minimum average daily balance with a $2.00 monthly service charge if the balance falls below the threshold.
• Youth Savings Personal savings account for individuals under 18 years of age.
• Certificate of Deposit Certificates of deposit with terms ranging from 90 days to 60 months, $1,000 minimum opening, FDIC insured, with a 'Jump-Up' option allowing customers to change rates once during the initial term.
• Traditional IRA Individual retirement account allowing tax-deductible contributions for personal retirement savings.
• Roth IRA Individual retirement account allowing tax-free distributions during retirement.
• Coverdell Education Savings Account Education savings account for a child's education expenses with tax-free withdrawals for qualified education expenses.
• Consumer Loans Personal loans for individual consumers for automobiles, boats, motorcycles, vacations, and personal expenses, with varying terms and competitive rates.
• Residential Real Estate Loans Mortgage products for new home purchases, refinancing, and construction, including free home loan pre-qualification.
• Agricultural Loans Loans for farmers and agricultural operations to finance operating expenses, machinery and equipment, livestock purchases, and agricultural real estate.
• Commercial Loans Business loans for inventory, machinery and equipment, facilities, real estate, and operating capital, with local decision-making.
• Plainsman Checking Business checking account with the first 50 transactions per month free and reasonable per-transaction charges thereafter.
• Plainsman Plus Checking Interest-bearing tiered business checking account with a $1,000 minimum average daily balance and a $7.50 monthly service charge if balance falls below the threshold.
• Plainsman Corporate Checking Corporate checking account with a $1,000 minimum average daily balance and 0.175 earnings credit per $100 of average balance applied to service charges.
• Community Builder Checking Business checking account for churches, community clubs, and non-profit organizations with limited transaction volumes and a $500 minimum balance to earn interest.
• Plainsman Savings Business savings account for companies with higher earning potential and larger balances, requiring a $2,500 minimum average daily balance.
• Business Savings Basic business savings account requiring a $100 minimum average daily balance with a $2.00 monthly service charge if balance falls below the threshold.
• SEP IRA Retirement plan for sole proprietorships, partnerships, S and C corporations, and LLCs allowing tax-deductible contributions.
• Internet Banking Online banking platform with free enrollment that enables customers to check balances, view transaction history, transfer funds, and pay bills.
• Mobile Banking App Mobile banking application available on Apple App Store and Google Play that enables mobile deposits, account transfers, balance and activity viewing, bill pay, and statement viewing.
• Safe Deposit Boxes Secure storage service for valuables and important documents.
• Wire Transfers Electronic money transfer service for domestic and international transactions.
• Insurance Products Comprehensive insurance offerings including homeowners, automobile, commercial, workman's comp, health, disability income, annuities, farmowners, life, long-term care, multi peril crop, hail, and livestock insurance, distributed through an independent agent system with access to over 30 insurance companies.

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Regional players

• Bell Bank: Employee-owned community bank headquartered in North Dakota with branches across the upper Midwest. Comparable to Great Plains Bank on community-bank model, ag exposure, and Plains customer base, though operating across ND/MN rather than SD.

Direct peers

• Dacotah Bank: South Dakota-headquartered independent community bank offering personal, business, and agricultural banking across multiple SD and regional branches. Directly comparable as a privately held SD community bank with ag lending focus.
• First PREMIER Bank: Sioux Falls-based community bank offering personal, business, and ag banking with a strong South Dakota footprint. Comparable to Great Plains Bank in geography, customer base, and community-bank positioning.
• First Bank & Trust: South Dakota-based community bank headquartered in Brookings with branches across the state. Comparable as a similarly sized SD community bank serving personal, business, and ag customers.
• Heartland State Bank: South Dakota community bank serving personal and business customers with ag lending exposure. Comparable regional and product profile to Great Plains Bank.
• CorTrust Bank: South Dakota-headquartered community bank with branches across the state offering personal, business, and ag lending. Comparable to Great Plains Bank in regional focus and product mix.

Broad incumbents

• First Interstate Bank: Multi-state community/regional bank across the Plains and Western U.S., with consumer, business, and ag banking. Comparable to Great Plains Bank on Plains geography and ag lending franchise, but significantly larger.
• First National Bank of Omaha: Larger regional bank headquartered in Nebraska serving the Plains and broader Midwest with personal, business, ag, and treasury management products. Comparable to Great Plains Bank on customer base and ag lending, but materially larger and broader geographically.
• Pathward (formerly MetaBank): South Dakota-chartered bank with a national fintech and consumer banking footprint. Comparable to Great Plains Bank only on SD charter and deposit-taking; otherwise operates a much larger, more diversified business.

Others

• Great Plains Insurance (subsidiary): Wholly-owned insurance subsidiary of Great Plains Bank offering crop, livestock, and personal/commercial coverage via independent agents. Included as an adjacent operating subsidiary rather than a true peer; illustrates the bank's cross-sell into ag insurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Great Plains Bank