May 6, 2024

American Bank & Trust has completed its CEO transition and is planning to expand in the Sioux Falls metro area.

Scott Erickson has succeeded longtime banking leader Doug Tribble, who retired after a 48-year community banking career. Erickson had been appointed president of the Sioux Falls-based bank in July 2023 and had worked through a succession plan with Tribble.

Scott Erickson

“The executive team and I have worked closely with Scott in all areas of the bank over the past nine months, and he is prepared to take on the role of CEO,” Tribble said in a statement.

“Having had the privilege of leading this exceptional institution since 2017, I am confident that Scott’s appointment to CEO marks the beginning of an exciting new chapter for the bank.”

Tribble and the Erickson family had worked together at the former Great Western Bank for decades before becoming part of American Bank & Trust in 2017.

“He’s a community banker at heart — he cares about the customer, and he cares about the community,” Erickson said. “I’ve known him my whole life  — my dad and him worked together since the late 1980s — and I remember him as long as I can remember people being in my life, and it was great to learn from him.”

Erickson’s father, Jeff, a minority partner in the bank, serves as vice chair of the board of directors, while Preston Steele, whose family has owned it since the 1970s, is executive chair.

“Scott’s leadership within the bank over the past eight years as a director, vice chairman and president will ensure the continued dedication to the mission, vision and values of American Bank & Trust,” Steele said in a statement, adding Tribble’s leadership also has “led the bank to new heights through unprecedented times in the banking industry.”

Since 2017, American Bank & Trust has grown from $700 million in assets to $1.7 billion, including opening branches in four new markets.

“We have really talented people,” Erickson said. “We have five culture pillars, and No. 1 is customer first. We believe if we take care of our customers we’ll have a positive growth trajectory. You can go around to national banks, and there will be one or two people working, and we’d rather give people a great experience.”

American Bank & Trust’s history dates back to 1888. It has 19 locations throughout South Dakota, North Dakota and Minnesota.

In 2023, the bank acquired longtime Lennox-based Valley Exchange Bank, giving it locations in Lennox and Tea.

“They’re a great addition to the Sioux Metro area — great customer bases and great communities,” Erickson said. “We’re going to do an extensive remodel in Lennox and build a new (replacement) branch in Tea. If you look at our footprint, Sioux Falls is the most dynamic by population and growth, but Lennox and Tea is who we are, that’s our DNA.”

A spirit debit card program, for instance, sends a percentage of each swipe back to participating school districts. The plan is to begin construction in Tea across from Scooter’s Coffee yet this year and open about 10 months later.

Growth also will continue in Sioux Falls, where American Bank & Trust plans to build a new location at 26th Street and Ellis Road on the southeast corner across from Casey’s.

“The west side is booming, and if you look at the banks on the west side of Sioux Falls, there’s not much west of Marion Road, and there’s tens of thousands of rooftops,” Erickson said. “So it’s trying to meet customers where they’re at and give people an option to bank on the west side.”

The timing on the Sioux Falls branch is similar to Tea, with an opening in 2025. It will be the fourth location in Sioux Falls and round out the bank’s footprint on the south and east sides as well as downtown’s River Centre.

American Bank & Trust is a full-service bank offering personal and business banking in addition to a focus on agriculture lending.

“We have experienced bankers,” Erickson said. “Over time, we’ve built up a great team of lenders. We have about $400 million in the Sioux Falls market loaned out and a $1.4 billion portfolio, so we’re actively involved in the economy of South Dakota.”

Despite some projects being delayed because of the interest rate environment, “we’re seeing a fair amount of lending activity,” he said. “Sioux Falls has maybe slowed down a little bit, but it’s not coming to a screeching halt. I think the pent-up demand and the population growth here is tremendous.”