First Dakota National Bank

What First Dakota National Bank does

First Dakota National Bank is a privately held, federally chartered community bank founded in 1872 in Yankton, South Dakota, as the first fully chartered bank in Dakota Territory. It operates 17 full-service branches across South Dakota and five dedicated agricultural loan production offices in Nebraska, Iowa, and North Dakota, serving individual consumers, small and mid-sized businesses, and agricultural borrowers across the upper Midwest. The bank self-identifies as one of the largest agricultural lenders in the nation and offers a full-stack product suite spanning personal and business checking and savings, mortgages and personal loans, credit cards, agricultural operating and real estate loans, cash management, merchant card processing, remote deposit, ACH, and integrated invoicing/payments. Wealth management is delivered through the Loft Advisors private banking division in Sioux Falls and a partnership with Raymond James for investment services, with trust and estate services offered directly.

Underlying technology is conventional community-bank infrastructure: an online and mobile digital banking platform with biometric authentication (fingerprint and face ID), mobile deposit capture, and online account opening powered by MeridianLink. Digital channels are complemented by traditional in-branch service, a MoneyPass surcharge-free ATM network, and Adobe Sign for electronic document execution. Fraud detection relies on an automated risk management escalation system (email, text, voice auto-dialer) and Zelle-related consumer education campaigns run with the American Bankers Association. The bank operates as an FDIC-insured Equal Housing Lender, is privately held with no parent company, and is governed by a board that includes members of the Ness family, which has long-standing involvement in the institution's ownership and management.

Name

First Dakota National Bank

Legal name

First Dakota National Bank

Website

https://firstdakota.com

Company type

Private

Founded year

1872

Operating status

Operating

Headcount range

251–500 employees

Short description

First Dakota National Bank is a privately held, federally chartered community bank founded in 1872 in Yankton, South Dakota, operating 17 full-service branches and 5 ag loan offices across SD, NE, ND, and IA, serving personal, small business, and agricultural customers with deposits, loans, wealth management, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Agricultural & Rural Development Banks (FSABAKAE)

akta.pro secondary industry

Onshore Private Banking (Domestic HNW/UHNW) (FSAAABAA)

Keywords

• Community banking services
• Agricultural lending
• Commercial banking
• Wealth management
• Retail deposits

Headquarters

HQ city

Yankton

HQ country

United States

HQ region

North America

Offices24 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue generated from interest on loans including personal loans, home loans, business loans, and agricultural loans. The bank serves as one of the largest ag lenders in the nation.
2. Deposit Account Fees: Monthly service fees on checking and savings accounts. Overdraft fees and other account-related charges.
3. Wealth Management and Trust Services: Investment services, wealth management, and trust services offered through Loft Advisors division and partnerships.
4. Merchant Card Processing: Business merchant card processing services generating transaction fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

First Dakota National Bank is a Midwest community bank that delivers personal, business, and agricultural banking products — checking, savings, money market, CDs, home loans, personal loans, business loans, agricultural loans, credit cards, cash management, merchant card processing, ACH, remote deposit, and digital banking — through 17 full-service branches and 5 ag loan production offices across South Dakota, Nebraska, North Dakota, and Iowa. It also offers wealth management, trust, and investment services through its Loft Advisors division and a partnership with Raymond James.

Product overview

First Dakota National Bank is a regional community bank founded in 1872 offering personal, business, and agricultural banking services through 17 full-service branch locations and 5 loan production offices across the Midwest. The core product is Digital Banking (online and mobile), supplemented by personal checking/savings accounts (FirstPartners Checking, ClassicChoice Checking, eSavings, FirstChoice Money Market, Statement Savings), home and personal loans, credit cards, and investment/trust services through partner Raymond James. Business banking includes Just 1 Business Checking, Small Business Checking with Interest, Cash Management, Merchant Card Processing, Remote Deposit, ACH, and Integrated Invoicing/Payments. Agricultural services feature specialized ag loans, checking, savings, the AgriVisions Emerging Farmer Program, and IRAs. The bank also operates Landera Ag Finance (formerly Dakota MAC) as a subsidiary for term real estate, equipment financing, and ag equity loans. Additional offerings include Financial Calculators, Travel With Us benefits, Scholarship Program, Stronger Communities Fund grants, and Easy Switch Program. The bank serves approximately $2.6 billion in assets with a focus on the Midwest region.

Differentiator

Problem solved

Functional benefit

Brands

• Loft Advisors: A division of First Dakota National Bank providing private banking and wealth management services for customers with elevated financial needs. Located in Sioux Falls, SD.
• Landera Ag Finance

Products and services

• Digital Banking

Quantifiable outcome

• Over $53,000 in scholarships awarded to local students in 2026

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature3 records

Partnerships

Six partnerships are on record, tiered minor and core.

• American Bankers AssociationminorGTM or Marketing Partner · 1 October 2021Participates in the #BanksNeverAskThat anti-phishing campaign to educate consumers about fraud prevention.
• MoneyPassminorChannel Partner/ Reseller/ DistributorSurcharge-free ATM network partnership providing customers access to ATMs nationwide at no additional cost through MoneyPass network.
• Loft AdvisorscoreStrategic or Co-development PartnerWealth management and private banking division operating as a subsidiary/division of First Dakota National Bank, offering elevated banking services to customers with complex financial needs.
• Landera Ag FinancecoreStrategic or Co-development PartnerFormerly Dakota MAC, Landera is an agricultural financing subsidiary providing term real estate loans, equipment financing, and ag equity products for farmers and ranchers. Located at 225 Cedar Street, Yankton, SD.
• Visa/MastercardcoreTechnology or IntegrationPayment network partnerships for debit and credit card services enabling card transactions for customers.
• Credit Card Company (Joint Marketing Partner)minorGTM or Marketing PartnerJoint marketing partner for credit card services. First Dakota does not have affiliates and does not share customer information with non-affiliates.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dacotah Banks: Dacotah Banks is a privately held community bank headquartered in Aberdeen, South Dakota with a comparable footprint across the Dakotas and significant agricultural lending focus — making it the closest direct peer to First Dakota's geography and ag specialization.
• First Interstate BancSystem: First Interstate is a publicly traded community bank holding company with comparable size and multi-state Western/Midwest footprint, serving both retail and agricultural customers — directly comparable to First Dakota's diversified community-and-ag model.
• Great Western Bank: Great Western Bank is a privately held community bank serving consumers, businesses, and ag customers across the Midwest and Plains — closely comparable in customer segments and community-banking model to First Dakota.
• Heartland Financial USA (HTLF): Heartland Financial USA is a multi-state community bank holding company operating banks across the Midwest, Mountain West, and Southwest with ag and business banking exposure — directly comparable in scope and customer mix to First Dakota.
• Bremer Financial: Bremer Bank is a privately held regional community bank serving Minnesota, North Dakota, and Wisconsin with personal, business, and ag banking — directly comparable in community-bank model and ag lending focus to First Dakota.
• Compeer Financial: Compeer Financial is a Farm Credit System cooperative lender serving agriculture clients across the upper Midwest — directly comparable to First Dakota's agricultural lending franchise though structured as a cooperative rather than a commercial bank.
• MetaBank (Meta Financial Group): MetaBank is a community-focused bank headquartered in Sioux Falls, South Dakota — directly comparable to First Dakota on geography and community-bank positioning, though more weighted toward payments and specialty finance.
• AgFirst Farm Credit Bank: AgFirst is one of the Farm Credit System banks funding agricultural lending across the Southeast and Mid-Atlantic — comparable to First Dakota as a major institutional ag lender, though structured as a cooperative rather than a commercial bank.

Broad incumbents

• U.S. Bancorp: U.S. Bancorp is a major regional bank holding company with a significant Midwest presence and broader commercial and consumer banking capabilities — overlapping with First Dakota's market but operating at vastly greater scale.
• Wells Fargo: Wells Fargo is a national banking incumbent with agricultural lending, consumer, and commercial banking capabilities that overlap with First Dakota across all three segments, though at dramatically greater scale and geographic reach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/firstdakota
• YouTubeyoutube.com/firstdakota1872
• Facebookfacebook.com/firstdakota
• LinkedInlinkedin.com/company/first-dakota-national-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

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 First Dakota National Bank