Dacotah Bank Acquisition

Aberdeen, S.D.—Dacotah Bank has signed agreements to purchase First State Bank of Claremont and Stohr Agency. The agreements include the Groton and Langford locations.

“We are pleased to announce to the First State Bank of Claremont and Stohr Agency customers and communities that Dacotah Bank is here for you,” said Joe Senger, Chief Executive Officer.

First State Bank of Claremont’s Groton and Langford locations fit well in the middle of Dacotah Bank’s existing footprint. Dacotah Bank has locations across South Dakota, North Dakota and Minnesota. Closely surrounding First State Bank of Claremont’s locations are branches in Aberdeen, Clark, New Effington, Roslyn, Sisseton and Webster.  Along with the geographic alignment of locations, the customer base is a natural fit as well. Groton and Langford are agricultural-centric communities and Dacotah Bank is the 12th largest Ag lender in the nation.   

First State Bank of Claremont president Jeff Stohr shared, “our bank has roots dating to 1903 and our family has associated with it since 1937.  We have fantastic employees who will continue serving the customers and communities we cherish.  In many ways our objectives align well with Dacotah Bank, and they will bring greater lending capacity and a variety of additional products and services that I believe will serve our employees, customers and communities well for years to come.”

The addition of Groton and Langford bring Dacotah Bank’s total number of locations to 34. Dacotah Bank offers a number of convenient traditional and mobile financial services including free mobile banking, access to over 100,000 free ATMs worldwide, online deposit services, Fraud Defender, credit cards for consumers and businesses, operating lines of credit, insurance, wealth management and among other banking services is an FSA preferred lender.

A “Dakota-grown” company, Dacotah Bank’s home office and flagship bank is just 20 miles west of Groton and 46 miles southwest of Langford in Aberdeen, S.D.  While some of Dacotah Bank’s locations were established in the late 1800s and have been serving local communities since, Dacotah Bank’s charter location in Aberdeen was founded in 1955 and Dacotah Banks, Inc., its parent company, was founded in 1964.

The agreement for acquisition is pending regulatory approval. An open house at the bank locations is planned for late 2020. For more information visit the bank’s website at www.dacotahbank.com. The local phone numbers are (605) 397-2711 (Groton) and (605) 493-6474 (Langford).