July 20, 2019

BankWest proposes opening Madison bank branch - Daily Leader Extra : Top Stories

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BankWest proposes opening Madison bank branch

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Posted: Thursday, July 11, 2019 2:46 pm

BankWest, a community banking system based in South Dakota, is currently laying the groundwork for establishing a branch office on the south side of Madison.

According to Ryan Huber, BankWest regional president in Mitchell, BankWest officials are seeking consent from the South Dakota Division of Banking and the Federal Deposit Insurance Corporation to establish a branch bank in Madison. Huber said BankWest needs to explain to state and federal officials how the new branch bank can benefit Madison, that BankWest can successfully manage the expansion, and the presence of customer demand in the Madison area for BankWest services.

Huber said BankWest is currently doing business with customers living and working in the Madison area.

"We already possess a pretty good customer base in Madison," he said.

BankWest officials plan to publish a legal notice in Monday's edition of The Daily Leader announcing the bank's intention to establish a branch office in the city. The notice is intended to provide the opportunity for interested parties to give written comments about the proposed BankWest expansion and send them to the FDIC regional director in Kansas City, Mo. The written comments must arrive by July 30. The FDIC mailing address is 1100 Walnut St., Suite 2100, Kansas City, M0., 64106.

BankWest officials plan to locate a new Madison branch on the 1000 block of Makenda Ave., property located along the city's SD-34 bypass. Huber said BankWest would construct its branch just east of the Exit Realty and Breske Crop Insurance offices, which are located on the north side of the SD-34 bypass.

According to Huber, BankWest intends to move quickly after it receives the go-ahead from state and federal banking officials. Huber said BankWest wants to start operating in Madison as soon as possible.

"It won't take long once we get the approval," he said.

Huber said BankWest plans to initially establish itself in Madison as a lender to customers and businesses. The Madison branch would start by offering loans related to real estate, vehicles, commercial businesses, agricultural operations and other similar financial activity. Later, the bank in Madison would provide services such as savings and checking accounts, certificates of deposit, money market, insurance and investments.

Huber, who works in Mitchell, said that Mitchell and Madison are comparable in how BankWest would operate in both communities. He noted that both communities have similar businesses, universities and customer bases. Huber added that BankWest operates all of its branches in South Dakota.

"We're a strong community partner," Huber said.

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