First Dakota National Bank earns Top 10 Lender award The United States Department of Agriculture Rural Development Department re-cently awarded First Dakota National Bank as a 2003 top 10 South Dakota lender for the Rural Housing Service's guaranteed housing program.
Jim Rydell, Rural Development manager for Clay County, presented the award to Sandy Brown, residential real estate lending officer.
The guaranteed housing program assists low and moderate-income families in buying homes. The top 10 lenders are identified based on loan volume for the state of South Dakota. Benefits in using the program are to be able to finance 100 percent loan to value, 30-year fixed rate mortgages, easily incorporated with the South Dakota Housing Development Authority loan program (First Time Homebuyers). Closing costs may also be financed as long as the total loan amount does not exceed 100 percent of the appraised value.
Lynn D. Jensen, state eirector for USDA Rural Development in South Dakota, said, "We value the partnerships we have with lenders statewide. With the 'Top Ten' list we recognize a representative group of leading lenders for the critical role they play in our housing programs and services."
In South Dakota, area offices work with lenders statewide using federal guarantees, as well as direct housing loans, for local single and multiple housing loans. The program assists low and moderate-income families in buying homes.
With total assets exceeding $445 million and a financial team of over 250 dedicated banking professionals, First Dakota has grown to 12 offices with locations in Chamberlain, Kimball, Parkston, Salem, Vermillion, Wagner, and two locations each in Mitchell, Sioux Falls and Yankton. Additionally, loan production offices are located in Mitchell, Elgin, NE, Hastings, NE, and Ogallala, NE.
First Dakota was founded in 1872 and holds the Dakota Territory's first bank charter. As South Dakota and the upper Midwest have evolved, so has First Dakota. Today, First Dakota offers one of the broadest array of financial services in the region, including telephone banking, Internet banking at firstdakota.com and online cash management for business.