Important Details on the Dakota Prairie Bank Merger with First Fidelity Bank
Fact #1: First Fidelity Bank is merging with Dakota Prairie Bank.
The four branch locations of Dakota Prairie Bank (DPB) in Draper, Ft. Pierre, Presho, and White River will become First Fidelity Bank (FFB) branches.
Fact #2: The legal merger will occur in October 2023 and the operational merger will occur in February 2024.
Here’s what will happen during each of those transitions:
- DPB coworkers become FFB coworkers
- DPB loans and accounts become FFB loans and accounts
- DPB customers continue to use the DPB website for Internet banking: www.dakotaprairiebank.com
- FFB customers continue to use the FFB website for Internet banking: www.ffb-sd.com
- DPB customers continue to use the DPB mobile app for mobile banking
- FBB customers continue to use the FFB mobile app for mobile banking
- 6-month grace period of FDIC insurance begins
- All customers can start using any of the 11 branch locations
- DPB customers will receive instructions on how to re-enroll in FFB’s Internet and mobile banking programs
- All customers use the FFB website: www.ffb-sd.com
- All customers use the FFB mobile app
- DPB customers will receive new debit cards and instructions on how to activate them
- All customers can use any of the FFB ATM locations in Ft. Pierre, Murdo, Pierre, Presho, White River, or Winner without paying a surcharge fee
Fact #3: You will continue to receive the best service from people in your community that you already know and trust.
If you are a current Dakota Prairie Bank customer, your existing loans and accounts will become First Fidelity Bank loans and accounts in October 2023. You may experience some small changes in how legal documents look and the processes used to do things—like open a new account—but there will be no changes to the terms and conditions of your existing loans or accounts because of the merger.
Fact #4: If the transfer of deposits from DPB to FFB causes your deposits at FFB to exceed $250,000, your deposits over $250,000 will be insured by the FDIC for 6 months from the date the transaction takes place.
FDIC insurance generally covers depositors’ accounts in any bank up to $250,000. As a result of this merger, Dakota Prairie Bank will no longer exist as a separate bank, and its accounts will become First Fidelity Bank accounts. In accordance with Section 8(q) of the Federal Deposit Insurance Act, in a transaction like this one, where the deposits of one financial institution are transferred to another financial institution, separate insurance on the transferred deposits will continue for 6 months after the date of transfer. In the case of time deposits (CDs), separate insurance will continue until the earliest maturity date after the expiration of the 6-month period.
In other words, if the transfer of deposits from DPB to FFB causes your deposits at FFB to exceed $250,000, then your deposits over $250,000 will be insured by the FDIC for 6 months from the date the transaction takes place. Please call your local branch with further questions or concerns. You can also utilize the FDIC deposit insurance hotline: 1 (877) 275-3342.
Fact #5: You can begin using the combined bank branches in February 2024.
You will not be able to use a new branch location to make deposits or payments until the operational merger next year. If you’re an existing DPB customer, you should continue to use the Draper, Ft. Pierre, Presho, or White River branches until February 2024.
If you’re an existing First Fidelity Bank customer, you should continue to use the Bonesteel, Burke, Colome, Gregory, Murdo, Platte, or Winner branches until February 2024.
Fact #6: You will be able to continue to work with the same staff at the same locations.
All the DPB coworkers who serve you will continue to serve you as FFB coworkers after the merger.
Fact #7: Existing Dakota Prairie Bank accounts will stay the same.
The terms and conditions of existing Dakota Prairie Bank accounts will stay the same. DPB customers will continue to receive your same statements and use your same internet and mobile banking logins on the DPB website and mobile app until February 2024.
Proper legal notice will be provided for any significant changes to your accounts. You can also call or stop into your local branch with any questions or customer service issues.
Fact #8: Existing checks and deposit slips can be used until they run out.
Fact #9: You should continue to use your Advantage debit card.
Sometime between October 2023 and February 2024, you will receive instructions about how to transition to FFB debit cards. Once you do receive your new First Fidelity debit card, you can follow the instructions to use it.
Fact #10: You will receive account statements on the same schedule until February 2024.
Fact #11: Internet banking will eventually transition to the First Fidelity portal.
Current DPB customers will continue to use their existing username and password to access their internet and mobile banking. Please continue to log onto your internet banking via the DPB website (www.dakotaprairiebank.com
) and the DPB mobile app.
In February 2024, DPB customers will receive instructions on how to re-enroll in internet banking and use the FFB portal on our website (www.ffb-sd.com
Fact #12: Existing automatic payment and direct deposit capabilities will stay the same.
Fact #13: All terms and conditions for existing loans will stay the same.
Fact #14: Loan payments will be made the same as they have been.
Fact #15: New services will be provided in October and in 2024.
First Fidelity Bank is excited to immediately bring new products and services to the Draper, Ft. Pierre, Presho, and White River locations. These include:
- Individual securities
- Mutual funds
- Traditional IRAs
- Roth IRAs
- 401(k) and 403(b) rollovers
- College savings plans
- Business retirement plans
- Portfolio review and evaluation
- Term, whole life, variable, and universal life insurance
- Fixed, indexed, and variable annuities
- Longterm care insurance
- In-house residential 1-4 family dwelling loans
- Secondary market residential 1-4 family dwelling loans
- USDA home loans
- CHIP home improvement loans
- Ag/commercial real estate loan program
- Ag/commercial equipment loan program
- Ag/commercial titled vehicle loan program
- Tiered interest-bearing MMDA
FFB plans to also bring full-service insurance agency products to each new branch location sometime in 2024.
Fact #16: There will be no disruption in your account’s connection to software, like Quicken or Quickbooks.
Fact #17: There will be no disruption in banking services on the date of the merger or in February 2024.
Fact #18: ATMs will be available on the date of the merger.
All existing ATMs will remain operational. For surcharge-free transactions, DPB customers should continue to use the existing ATM locations in Ft. Pierre, Pierre, Presho, and White River, and FFB customers should continue to use the existing ATM locations in Winner and Murdo.
Fact #19: Our entire team is available for questions.
Please call your local branch location with any questions you have throughout the merger process.