March 9, 2020

American State Bank plans to build a Sioux Falls location that will serve as its main office in the city.

The 5,000-square-foot location will be on Cliff Avenue north of 85th Street.

“This area is where the majority of our customers are at, and we just love the growth potential of that south and southeast part of town,” market president Ryan Mulder said. “We feel like that’s going to be a really booming part of Sioux Falls.”

The new office will include a drive-thru and space for up to 10 employees. About half of those will be new hires.

The bank entered the market in early 2016 with a downtown location on Phillips Avenue as part of The Carpenter Building, and that branch will continue.

“It’s been very good. It’s been slow and steady growth, and I just think our products really resonate with people in Sioux Falls and Harrisburg,” Mulder said. “We have rewards checking – we’re really proud of that – and our speed to decision-making is really fast. We service our own mortgages, and a lot of banks don’t do that anymore.”

The new location will be a full-service branch that will serve as the home office. It also will include Perspective Insurance and American Investment & Trust. Ambank Co. is the holding company for both as well as American State Bank.

American State Bank is based in Sioux Center, Iowa, and is the largest bank in Sioux County, Iowa, and the second-largest agricultural bank in Iowa. It has eight branches in northwest Iowa. Sioux Falls is the only South Dakota location.

“The Sioux Falls market is a great opportunity for our brand, as we focus on service, technology and retail services such as residential mortgages,” president and CEO Stan Speer said.

The plan is to start construction on the  branch this spring and open about a year later. The architect is VanDeWalle Architects, the structural engineer is Apex Structural Design, and the contractor is Vision Builders.