Richland State Bank
Richland State Bank is a privately held, South Dakota state-chartered community bank founded in 1913, operating a single branch in Bruce, SD to serve local agricultural, consumer, residential, and business customers with traditional deposit and loan products plus a nationally distributed private student loan subsidiary.
- Company typePrivate
- Founded1913
- HeadquartersBruce, United States
- Headcount11–50
- GTM typeB2C
- OfferingServices
What Richland State Bank does
Richland State Bank is a privately held, South Dakota state-chartered community bank headquartered in Bruce, SD, with continuous operations dating to its December 23, 1913 charter as Bank of Bruce. The bank operates a single physical branch at 602 First Street, Bruce (P.O. Box 338), supplemented by a digital banking stack built on Unifi Digital Banking (web platform updated October 2025) and a mobile app (updated October 2024) that supports remote check deposit, balance inquiry, account-to-account transfers, loan payments, and statement downloads. It is regulated by the South Dakota Department of Banking and the FDIC, with deposits insured up to the $250,000 statutory maximum.
The bank offers a full suite of traditional community banking products: deposit accounts (Regular Demand, NOW at 0.40% APY, Super NOW at 0.60% APY, Money Market tiered 0.65%-0.95% APY, Passbook Savings tiered 0.70%-1.01% APY, and Certificates of Deposit across 91-day to 4-year terms), and a vertically diversified lending platform covering agricultural real estate and operating loans, residential real estate, business, consumer, mobile/modular home, governmental unit, and student loans. Its wholly-owned subsidiary, Richland Loan Processing Center (Sioux Falls, SD), underwrites and originates privately insured student loans marketed nationally via rlpcenter.com.
Revenue is generated almost entirely through net interest spread on deposits and loans, supplemented by fee income from the ADVANTAGE CheckCard debit card (with Verified by Visa fraud protection), safe deposit box rentals ($5-$10 annually), and ATM network access. The bank serves primarily agricultural and consumer customers in its local trade area, with the student loan subsidiary providing a niche national channel. Headcount is reported as 11-50 employees, and the management team includes President Pennie Lutz (25+ years experience), VP Tiffany Lewis (9+ years), and AVP Brad Noem.
Richland State Bank firmographics
Firmographics- Name
- Richland State Bank
- Legal name
- Richland State Bank
- Website
- https://richlandstate.org
- Company type
- Private
- Founded year
- 1913
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Richland State Bank is a privately held, South Dakota state-chartered community bank founded in 1913, operating a single branch in Bruce, SD to serve local agricultural, consumer, residential, and business customers with traditional deposit and loan products plus a nationally distributed private student loan subsidiary.
- Ownership category
- akta.pro rank
Richland State Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- Private Student Loans (Undergraduate & Graduate) (FSAKAEAB)
Keywords
Where Richland State Bank is headquartered
LocationHeadquarters
- HQ city
- Bruce
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Richland State Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales
Revenue model
- Interest Income - Loans: The bank originates various loan types including agricultural real estate and operating loans, residential real estate loans, business loans, consumer loans, mobile home loans, student loans, and governmental unit loans. Interest earned on these loans constitutes the primary revenue stream.
- Interest Income - Deposits: The bank pays interest on deposit accounts (NOW accounts, money market accounts, savings accounts, certificates of deposit) and earns the spread between lending rates and deposit rates.
- Student Loan Program: The bank, through its wholly owned subsidiary Richland Loan Processing Center, underwrites and originates privately insured student loans marketed nationally, representing a niche nontraditional banking activity beyond the traditional service area.
- Fee Income - Deposit Services: Revenue from ATM access cards (ADVANTAGE/CheckCard), safe deposit box rentals ($5.00 or $10.00 per year depending on size), and other banking service fees.
- Deposit Account Interest Spread: The bank offers various deposit products including Regular NOW (0.40% APY), Super NOW (0.60% APY), Money Market (0.65%-0.95% APY), Passbook Savings (0.70%-1.01% APY), and Certificates of Deposit. Interest rates are determined by bank discretion and may change at any time.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Pay-as-you-go | Regular NOW Account - $500 minimum balance |
| Subscription | Pay-as-you-go | Super NOW Account - $1,000 minimum balance |
| Subscription | Pay-as-you-go | Money Market Account - $1,000 minimum balance |
| Subscription | Pay-as-you-go | Passbook Savings - $10 minimum balance |
| Unit Pricing | Annual | Safe Deposit Box |
| Subscription | Multi-year contract | Certificates of Deposit - Various terms |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels2 records
Richland State Bank product offering
Product offeringCore offering
Richland State Bank is a community bank in Bruce, South Dakota offering traditional deposit accounts (NOW, Super NOW, Money Market, Savings, CDs) and a full suite of loans including agricultural, residential real estate, business, consumer, mobile home, and government unit loans. The bank supplements in-branch service with online and mobile banking (via Unifi Digital Banking) including remote check deposit, and operates a wholly-owned subsidiary, Richland Loan Processing Center, that underwrites and originates privately insured student loans on a national basis.
Product overview
Richland State Bank offers traditional community banking services through a combination of physical branch operations in Bruce, South Dakota and digital channels. The core digital offering consists of Online Banking (web-based) and Mobile Banking App (smartphone), both providing account access, fund transfers, and statement viewing, with Remote Deposit as a key add-on feature for check deposit via mobile camera. The bank also provides standard deposit products (checking, savings, money market, CDs), loan products (agricultural, residential, business, consumer, student), ADVANTAGE CheckCard debit cards, safe deposit boxes, and online financial calculators. A niche product line includes privately-insured education loans originated through subsidiary Richland Loan Processing Center. The bank does not offer AI-powered features or a public API.
Differentiator
Problem solved
Functional benefit
Products and services
- Online Banking Web-based banking platform provided through Unifi Digital Banking that lets customers check balances, view detailed account information and transactions, transfer funds between accounts, make loan payments, view statements and check images, and download transactions into personal accounting software.
- Mobile Banking App Smartphone application downloadable from app stores that mirrors internet banking on a mobile device, providing balance checks, statement and check image viewing, account transfers, and remote check deposit for Richland State Bank customers.
- Deposit Accounts Suite of deposit products including Regular Demand Deposit, NOW Accounts (0.40% APY at $500 minimum), Super NOW Accounts (0.60% APY at $1,000 minimum), Money Market Accounts (0.65%-0.95% APY at $1,000 minimum), Passbook Savings (0.70%-1.01% APY at $10 minimum), and Certificates of Deposit in 91-day to 4-year terms plus IRA CDs. Rates are variable at bank discretion.
- Loan Products Comprehensive lending suite including agricultural real estate and operating loans, residential real estate loans, business loans, consumer loans, mobile/modular home loans, and governmental unit loans for the bank's local trade area.
- ADVANTAGE CheckCard Debit/ATM card issued to eligible customers providing ATM access through the Advantage ATM network and point-of-sale purchase capability, with free Verified by Visa fraud protection for online transactions.
- Safe Deposit Boxes
- Privately-Insured Education Loans
Companies that use Richland State Bank
Customer profileSegments6 records
Ideal customer profiles4 records
Richland State Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature2 records
Richland State Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Richland Loan Processing Center (RLPC)coreWholly owned subsidiary of Richland State Bank. Underwrites and originates privately insured student loans marketed on a national basis. Located at 3409 W. 47th Street, Suite 106, Sioux Falls, SD 57106. Contact: 877-444-0300 or www.rlpcenter.com.
Scale indicators3 records
Recent moves4 records
Expansion highlights4 records
Richland State Bank competitors and assessment
Company assessmentDirect peers
- Dacotah Bank: Dacotah Bank is a South Dakota-based community bank with a strong agricultural lending focus and multiple branches across the region, making it one of the closest operating analogs to Richland State Bank in terms of ag-heavy lending mix and community banking model.
- First Bank & Trust (SD): First Bank & Trust is a South Dakota community bank offering deposit accounts, consumer loans, and ag lending in small-town markets. Its product mix and customer base closely mirror Richland State Bank's community banking and agricultural lending orientation.
- Home Federal Bank (SD): Home Federal Bank is a small South Dakota community bank offering traditional deposit accounts, mortgages, and consumer lending. Its small-town, single-state charter and product focus make it a direct comparable to Richland State Bank.
- CorTrust Bank: CorTrust Bank is a South Dakota-headquartered community bank serving small towns with deposit accounts, consumer lending, and ag financing. Its footprint and product offering directly overlap with Richland State Bank's Bruce-area service profile.
Regional players
- Great Plains Bank: Great Plains Bank operates across the upper Midwest with a community banking model that includes ag lending, consumer deposits, and small-business banking. It is comparable in business model but operates across multiple states rather than a single small town.
- Plains Commerce Bank: Plains Commerce Bank is a regional community bank serving South Dakota and surrounding states with deposit products, ag lending, and business banking. Comparable in product set but with broader geographic reach than Richland State Bank.
Broad incumbents
- First PREMIER Bank: First PREMIER Bank is a larger South Dakota-based community bank with a broader product portfolio including credit cards, treasury services, and lending. It is comparable as a SD-chartered community bank but operates at a larger scale and wider product breadth.
- Citibank (Community/Retail Banking): Citibank is a national incumbent offering mass-market consumer deposit banking, mobile apps, and consumer lending. It is comparable in product category (consumer deposits and digital banking) but operates at vastly greater scale and geographic breadth than Richland State Bank.
- Bell Bank: Bell Bank is a regional community bank headquartered in the upper Midwest offering ag lending, consumer banking, and business banking. It is comparable in community banking ethos but operates across a much larger multi-state footprint.
Emerging players
- Sallie Mae Bank: Sallie Mae Bank is a major originator of private student loans nationally, directly comparable to Richland Loan Processing Center's private student loan program through the same niche but at a much larger scale and brand recognition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Richland State Bank social profiles
Digital presenceRichland State Bank compliance and trust
Trust signalCompliance1 record
Richland State Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Richland State Bank leadership team
Management profileNumber of profiles
Profiles5 records
Richland State Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
Richland State Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Richland State Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Richland State Bank
What does Richland State Bank do?
Richland State Bank is a community bank in Bruce, South Dakota offering traditional deposit accounts (NOW, Super NOW, Money Market, Savings, CDs) and a full suite of loans including agricultural, residential real estate, business, consumer, mobile home, and government unit loans. The bank supplements in-branch service with online and mobile banking (via Unifi Digital Banking) including remote check deposit, and operates a wholly-owned subsidiary, Richland Loan Processing Center, that underwrites and originates privately insured student loans on a national basis.
Is Richland State Bank a public or private company?
Richland State Bank is a private company. It is classified as unknown and is currently operating.
When was Richland State Bank founded?
Richland State Bank was founded in 1913. It employs 11 to 50 people.
Where is Richland State Bank based?
Richland State Bank is headquartered in Bruce, United States, in the North America region.
How does Richland State Bank make money?
Five revenue lines are on record. Interest Income - Loans are the primary driver. The others are interest Income - Deposits, student Loan Program, fee Income - Deposit Services and deposit Account Interest Spread.
Who are Richland State Bank's main competitors?
Direct peers on record are Dacotah Bank, First Bank & Trust (SD), Home Federal Bank (SD) and CorTrust Bank. Regional players are Great Plains Bank and Plains Commerce Bank. Broad incumbents are First PREMIER Bank, Citibank (Community/Retail Banking) and Bell Bank. Sallie Mae Bank is listed as an emerging player.
Does Richland State Bank have an API?
No public API is recorded for Richland State Bank.
What industry is Richland State Bank in?
Richland State Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSAKAEAB, Private Student Loans (Undergraduate & Graduate). Its NAICS code is 52211 and its SIC code is 6022.