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This is a very proud year for us as we celebrate years in business! Over that time we have experienced many economic changes, added and acquired banks, changed our name a few times, and have grown to nearly employees. Even with the abundance of change, our focus has been to serve Eastern South Dakota, and we look forward to continuing that tradition for the next years. David W. Johnson was attending graduate school in when his father, Walter, announced during the Fourth of July that he was going to sell the family bank in Estelline.
But a short eight months later, David, who was only 23 at the time, found himself in charge of the bank when his father passed away suddenly at the age of Today, what started as Farmers State Bank in Estelline is now Reliabank, an innovative and expanding bank with nine locations in eight communities along the I corridor. David continues to lead the bank as CEO and chairman, with his wife, Jan, and their sons, Reid and Ethan, playing active roles in the direction of the bank.
The bank became state chartered in and changed its name to Farmers State Bank in Estelline. Johnson, began working at the bank in and was the managing officer. It took more than 20 years to complete the transaction as Beskow lived to be David, and his four older siblings, grew up working in the bank in Estelline. David studied economics at Augustana College in Sioux Falls and continued to graduate school at the University of Wisconsin-Milwaukee part time as he worked as an insurance adjuster. David had no intention of returning to Estelline to work at the family bank. When Walter announced his plan to sell the bank, David decided to interrupt his graduate school studies and return to the bank as its executive vice president.
Because of a large estate tax, the Johnson family decided to sell the Watertown property and withdrew the applications. In addition to David being only 23 when he took over management of the bank in , that year also brought a drought, followed by a year of no income for farmers. We had six people who had worked at the bank for a long time who really wanted me to succeed. He worked for his family, who owned the bank, for 12 years. In , David and his sister, Cyndi, bought out the other family members.
David then bought out his sister in The bank established a de novo bank in Watertown in , with a second branch in Watertown in In , the bank changed its name to Reliabank Dakota to appeal to a wider variety of customers. In , the bank established a de novo branch in Hartford. Today, David said his main duties at Reliabank are recruitment, staff development and strategic planning. The bank employs around 95 people, and David is proud of the way staff continues to handle change.
I have been very fortunate to put together a team that performs very well. David and his wife, Jan, have been married for 40 years. I am the proof reader and often the editor. Many banks probably hire people who are good with numbers and forget how important words are to the success of an organization. They both attended the University of Sioux Falls and participated in track. Reid majored in business and media studies with plans to work for a marketing company in a larger city. After starting his own family, he decided to stay in Sioux Falls and work at the Tea branch in His role as marketing director has now expanded to digital advertising and helping keep on top of technology. He double majored in business administration and sports management.
After six months in the mortgage department, Ethan started working in lending. He is currently a business banker and securities manager and enjoys the financial side of the bank and managing the bond portfolio. All four family members are active in their communities. He also sings in his church choir and has a hobby of singing the National Anthem for sporting events, including at a Minnesota Twins game this past summer. Jan currently serves on the Friends of South Dakota Public Broadcasting Board, just completed a term with the South Dakota Hall of Fame and volunteers with tending two community gardens. Francis House Board in Sioux Falls. Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
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