"Common-Sense" Dakota Community Bank & Trust's distinction from Silicon Valley Speculators

The financial sector has been under intense scrutiny after the failure of two large financial institutions that specialized in high-risk industries, such as the cryptocurrency sector. Some depositors in our communities might wonder what this means for their hard-earned money. We at Dakota Community Bank & Trust have served customers and small businesses since 1940; the failed large banks operated a much different business model and risk profile.

The financial institutions recently closed by regulators were nothing like our bank. We help customers, small businesses, and local communities thrive with committed lenders regulated by a no-nonsense audit team.

According to the Wall Street Journal, much of Silicon Valley Bank's (SVB) growth was propelled by tech companies flush with cash during the COVID-19 pandemic — depositors who quickly began withdrawing their funds amid concerns about the bank's liquidity. It was a boom-and-bust cycle fueled by SVB's heavy concentration in a single market sector.

Signature Bank of New York, which failed two days later, also suffered from a concentrated balance sheet. Fueled by the SVB panic, depositors quickly began to withdraw their funds. Regulators closed the bank to prevent additional bank runs.

Dakota Community Bank & Trust's time-tested model is best suited for community consumers and business owners. We stress one-on-one, face-to-face relationships with the small businesses and residents we serve. We know what small businesses need because we are one. Because our bank relies on relationships and our reputation, we are dedicated to looking out for our customers' long-term interests.

This isn't the first time we have stood next to customers to weather a financial crisis, including the 2008 Wall Street meltdown and the COVID-19 pandemic. We are here for our customers through every stage of the economic cycle, as we have been for decades.

Given our cautious approach, we always strive to be financially responsible with your money. The difference between SVB/Signature Bank and us; their leadership team didn't have to look customers in the eye at parent-teacher conferences, Sunday church, the local community benefit, or the grocery store. We take pride in knowing our customers and will always make decisions based on safety, soundness, & strength. It's our commitment to you.

There's Still Time to Fund an IRA for 2022

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2022. If you had earned income last year, you may be able to contribute up to $6,000 for 2022 ($7,000 for those age 50 or older by December 31, 2022) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 18, 2023.

You can contribute to a traditional IRA, a Roth IRA, or both. Total contributions cannot exceed the annual limit or 100% of your taxable compensation, whichever is less. You may also be able to contribute to an IRA for your spouse for 2022, even if your spouse didn't have earned income.

Talk to our Wealth Management Team Today

Wealth Management & Trust

Wealth Management & Trust Services are not FDIC Insured, Not Bank Guaranteed, May Lose Value, Not Insured by any Federal Government Agency, Not a Bank Deposit.

Be Alert. Be Smart. Beware.

Each year, millions of consumers are victims of fraud. According to data in a year-end 2020 Federal Trade Commission report, more than 2.1 million people reported fraud to the agency -- representing over $3.3 billion in fraud, up from $1.8 billion in 2019.

Don’t be a fraudster’s victim! We know thieves and cheats and criminals are skimming and phishing and stealing information and identities. At Dakota Community Bank & Trust, we’re committed to helping you avoid fraud scams. Staying proactive and informed will protect you and enable you to react quickly and appropriately.

As your trusted financial partner, will never contact you via unsolicited emails, phone calls, text messages or any other medium to request your Online Banking credentials or personal information. We already maintain your information on file and have no need to contact you.

So, be alert and be smart.

Banking Tips: Add the contact numbers 20733 & 31727 into your phone.

One is our Online Banking text message and the other is our Debit Card messaging system. This way, you will know if a text is really from us and not a random phishing scam pretending to be the bank.

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Project Arm Chair

Throughout the month of April, Dakota Community Bank & Trust will partner with Project Arm Chair, a non-profit organization, to collect NEW books for the children in homeless and domestic violence shelters, pediatric floors of our local hospitals, and the correctional centers' visitation rooms.

Why does Project Armchair request new books? While they acknowledge that used books still have value, the reality is that many children in crisis have never had a new book of their own--and they believe every child deserves this small joy. Homeless parents have reported that their children cherish these books to the point of hiding them under their mattresses because they have never had anything new or something they can claim as their own.

For a child going through cancer or a kid in a domestic violence shelter, they deserve a new book.

Drop off books at any Dakota Community Bank & Trust in the month of April.