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Jan. 30, 2020
First Premier Bank plans to open a new location in Madison.
Construction is scheduled to start this spring on land the bank purchased near Second Street Northwest and Van Eps Avenue. The bank plans to install a temporary facility on the site to serve customers until the branch is done.
The branch was approved earlier this year by the South Dakota Division of Banking and the Federal Reserve.
“We are very excited with our opportunity to invest in Madison,” president Dave Rozenboom said in a statement. “There are so many great things happening in the community, and our relationship with Dakota State University makes it a great fit with First Premier Bank.”
First Premier’s leadership has a history of investing at DSU. Bank founder Denny Sanford joined with Premier Bankcard CEO Miles Beacom and his wife, Lisa, in donating $30 million in 2017 to support cybersecurity education. Beacom is a DSU graduate. First Premier, Premier Bankcard and the Beacoms also donated $10 million last year toward DSU’s new athletics complex. The Beacom Institute of Technology was named in the CEO’s honor, which included a $5 million gift in 2013.
Longtime banker Floyd Rummel IV will lead the Madison location and serve as vice president and market leader. He brings more than 15 years of experience and is active in the community.
“Floyd is an experienced banker with a passion for his customers and community,” Rozenboom said. “As we explore new opportunities, we look for leaders who are well-aligned with our culture, and Floyd is a great fit. We are so excited to have him on our team.”
The plan is to open the new location this fall. First Premier currently has 16 branches in eastern South Dakota.
First Premier Bank plans to expand to Madison.