Clark to Host Federal Reserve Bank Listening Session

Clark, SD — Rural communities are experiencing changes in banking, including local branch closures. The Federal Reserve Bank of Minneapolis wants to learn how the trend is impacting the day-to-day life of customers. The Community Development Department of the Federal Reserve Bank, in partnership with South Dakota State University Extension Service, and Dacotah Bank will host a listening session in Clark Tuesday, August 14.

Michou Kokodoko, project director for the Federal Reserve Bank, will be the facilitator. “We want to hear about personal experiences so we can better understand the real impacts of bank closures and other banking changes on rural communities and residents.” The Fed is conducting a series of listening sessions to learn what are the financial needs and how life has changed in the wake of bank branch closings.

According to Karla Trautman, interim director for SDSU’s Extension Service, “We look forward to hearing from retail and business customers, business owners, and other community residents. The session is intended to help build a report in support of the national dialogue about banking trends and changes.”

Data from the Federal Deposit Insurance Corporation (FDIC) indicates a total of four bank branches in Clark County in recent years. Tom LaBrie, market president for Dacotah Bank in Clark, is helping spearhead the logistics for the listening session. “Small communities continue to lose population prompting all businesses, not just banks, to evaluate their business model. We applaud the Federal Reserve Bank in their efforts to get on the ground to listen and learn.”

The session in Clark on August 14 will be from noon to 1:30 at the Clark Community Center, the Ullyott Building on Main Street. Attendance is free and includes a lunch but seating is limited. To RSVP, interested people should call Dacotah Bank in Clark at (605) 532-3626 during regular business hours by Friday, August 10.