Forbes names First Dakota one of the best banks in South Dakota

This article was published on Sioux Falls Business

Forbes has used customer satisfaction data to rank the top three banks in South Dakota.

The magazine partnered with market research firm Statista “to conduct in-depth interviews of more than 26,000 U.S. citizens from all 50 states on their banking relationships,” it said.

“For every bank at which they had a checking account, customers provided an overall satisfaction score and were asked if they would recommend that bank to friends and family. Respondents also answered a detailed battery of questions focused in six separate facets of the relationship: trust, terms and conditions — including reasonable and transparent fees — branch services, digital services, customer service and financial advice.”

Based on a 1 to 100 scale, scores ranged from 74.2 to 93.6, and 2.7 percent of all banks nationwide were named to the best-in-state rankings. Institutions with branches in more than 14 states weren’t eligible for the rankings.

In South Dakota, the top banks named to the list were:

  • First Dakota National Bank, based in Yankton and founded in 1872. It has 346 employees.
  • Dacotah Bank, based in Aberdeen, which was founded in 1955 and has 557 employees.
  • CorTrust Bank, based in Mitchell and founded in 1930. It has 326 employees.

Dakotaland Credit Union, based in Huron, was the only South Dakota credit union named to the list. It was founded in 1935 and has 154 employees.