Question 1

What is First PREMIER Bank?

Accepted Answer

First PREMIER Bank is a full-service community bank headquartered in Sioux Falls, South Dakota. With approximately $3.3 billion in total assets and 14 branches throughout eastern South Dakota, the bank serves individuals, businesses, and agricultural clients.

First PREMIER Bank is nationally recognized as the 13th largest ACH originating bank in the United States and one of the 15th largest issuers of Mastercard credit cards in the country. The bank is independently owned and consistently ranked among the top-performing banks for its asset size by the American Banking Association's Banking Journal.

Question 2

When was First PREMIER Bank founded?

Accepted Answer

The bank's origins trace back to 1914 when it was established as Citizens' Bank and Trust Company in Vermillion, South Dakota. The institution underwent numerous transformations over the decades, including name changes to Citizens Bank (1939), United National Bank of Vermillion (1969), and United National Bank of South Dakota (1971).

In 1976, the bank moved its headquarters from Rapid City to Sioux Falls. The current name, First PREMIER Bank, was adopted in 1996 when it converted from a national association to a state-chartered bank under Federal Reserve Board regulation. The bank is owned and controlled by T. Denny Sanford.

Question 3

Where is First PREMIER Bank headquartered?

Accepted Answer

First PREMIER Bank is headquartered in Sioux Falls, South Dakota, the state's largest city located in Minnehaha County. The bank's main office is at 500 South Minnesota Avenue in Sioux Falls.

Question 4

Where does First PREMIER Bank operate?

Accepted Answer

First PREMIER Bank operates exclusively throughout eastern South Dakota with 14 full-service branches. While its physical presence is limited to South Dakota, the bank serves clients nationally through its credit card operations and treasury services.

The bank has served as the official bank for the State of South Dakota since 1996 and for the City of Sioux Falls since 2004. Despite its regional branch footprint, First PREMIER maintains a national presence through its subsidiary PREMIER Bankcard and extensive ACH origination capabilities.

Question 5

What services does First PREMIER Bank offer?

Accepted Answer

First PREMIER Bank provides comprehensive financial services across multiple sectors:

Personal Banking: Checking accounts (all interest-bearing), savings accounts, money market accounts, certificates of deposit (CDs), IRAs, credit cards, and mortgage lending.

Business Banking: Commercial lending, business checking and savings, merchant services, and treasury management solutions for businesses of all sizes.

Agricultural Banking: Specialized lending and banking services tailored to South Dakota's farming and ranching communities.

Wealth Management: Investment services through partner Cetera Investment Services, including stocks, mutual funds, retirement planning solutions, and asset management services. The bank manages approximately $2.4 billion in managed assets.

Treasury Services: ACH origination and treasury management solutions for regional and national clients, making it the 13th largest ACH originating bank in the country.

Digital Services: Free online banking platform with 24/7 account access, mobile banking app for iOS and Android with mobile deposit capabilities, online bill pay, person-to-person payments through PREMIER Pay, mobile wallet integration (Apple Pay, Samsung Pay, Google Pay), and automated account alerts.

Credit Card Services: Through its subsidiary PREMIER Bankcard, the bank is one of the nation's largest issuers of Mastercard credit cards, specializing in credit products for individuals working to build or rebuild their credit.

Question 6

What makes First PREMIER Bank unique?

Accepted Answer

First PREMIER Bank distinguishes itself through several notable characteristics:

Capital Strength: As one of the strongest capitalized banks in the United States, First PREMIER provides exceptional financial stability. S&P Global Market Intelligence named it the Best Performing Large Community Bank in the nation in 2020.

Credit Card Specialization: Through PREMIER Bankcard, the bank operates as the 15th largest issuer of Mastercard credit cards, with a distinctive focus on serving millions of cardholders nationwide who are working to establish or repair their credit. In 2024, PREMIER provided over $110 million in credit limit increases to qualified customers.

Award-Winning Workplace: American Banker Magazine has consistently named First PREMIER Bank one of the "Best Banks to Work For" every year from 2015 through 2024. The bank employs over 1,800 people across 18 locations.

Customer Service Excellence: The bank has received multiple Stevie Awards for customer service, including Gold Stevie Awards for Customer Service Department of the Year in 2024, demonstrating its commitment to exceptional customer care.

Community Investment: First PREMIER Bank and its employees support nearly 700 local organizations and contribute over 30,000 hours of community service annually. The bank is one of the largest United Way donors in the communities it serves.

Question 7

What type of financial institution is First PREMIER Bank?

Accepted Answer

First PREMIER Bank is a State-Chartered Commercial Bank. It operates as an independent community bank regulated by the Federal Reserve Board since 1996, having converted from a national bank charter to a state charter.

As a commercial bank, it serves a diverse client base including individual consumers, businesses of all sizes, agricultural operations, and government entities. Despite being classified as a community bank due to its regional branch presence, First PREMIER operates certain business lines at a national scale, particularly its credit card issuance and ACH origination services, which rank among the largest in the United States.

The bank maintains FDIC insurance, protecting depositor accounts up to the maximum amounts allowed by law. With approximately $3.3 billion in assets and $2.7 billion in deposits, First PREMIER ranks as a large community bank within the FDIC system.

Question 8

Who owns First PREMIER Bank?

Accepted Answer

First PREMIER Bank is privately owned and controlled by T. Denny Sanford, a prominent South Dakota businessman and philanthropist. The bank operates as an independent community bank, meaning it is not part of a larger holding company or banking conglomerate.

This independent ownership structure allows the bank to make local decisions and maintain deep community ties while simultaneously operating national-scale business lines. The bank's holding company, United National Corporation, also owns PREMIER Bankcard, creating an integrated financial services organization.

Question 9

What recognition has First PREMIER Bank received?

Accepted Answer

First PREMIER Bank has earned numerous industry accolades and awards:

Workplace Awards: Named one of the "Best Banks to Work For" by American Banker Magazine consecutively from 2015 through 2024, reflecting strong employee satisfaction and culture.

Customer Service Awards: Multiple Stevie Awards including Gold Stevie Awards for Customer Service Department of the Year (2024), Contact Center of the Year (2023), and Front-Line Customer Service Team of the Year (2023).

Performance Recognition: Named Best Performing Large Community Bank in the nation by S&P Global Market Intelligence in 2020, and consistently ranked as a top-performing bank for asset size by the American Banking Association's Banking Journal.

Innovation Awards: Won Excellence in Innovation at the 2025 Experian Vision Awards, recognizing the bank's commitment to advancing financial services technology and customer experience.

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