There’s something about living on the South Dakota prairie that makes a person want to put down roots and build something that lasts.

1886

We’ve come a long way since 1886.

The town of Alpena, SD was just 5 years old. Though it had just a few dirt roads, it was growing quickly. L.N. Loomis envisioned a place where people could safely keep their hard-earned money and established the Bank of Alpena as a private institution. A few years later, D.C. Wallace and H.S. Royer joined Mr. Loomis with $6,000 in capital stock being issued. The bank was officially chartered in 1886.

1962

In 1962 a branch was built in Wolsey, SD and in 1964 the parent bank was moved to Wessington Springs, SD. The name of the bank was changed to American State Bank.

1972

In 1972, Leland (Eleanore) Steele and his son Jack (Donna) Steele of Huron, SD, purchased American State Bank.

1993

American State Bank purchased Farmers State Bank in Mellette, SD in 1993. This became the bank’s fourth location.

1997

Preston Steele, Jack and Donna’s son, joined the bank and worked at the Wolsey branch as a loan officer.

2000

In June of 2000, Hand County State Bank in Miller, SD was purchased and was added to the operation. During this
same time frame, a new bank building was completed in Wessington Springs.

2002

Lynn Schneider joined the bank as President and CEO. Growth was on the horizon again. A de novo branch was added in Huron, SD at the corner of 18th and Dakota Avenue. Preston was named Executive Vice President and the bank’s name was changed to American Bank & Trust.

2011

The Steele family were majority stockholders in People’s State Bank in De Smet, SD, and People’s was merged into American Bank & Trust in October 2011.

2014

In 2014 a merger was completed with American State Bank in Pierre. American Bank & Trust now had nine locations across Eastern South Dakota.

2016

In February 2016, the bank opened a de novo location in south central Sioux Falls. The community welcomed the friendly and fresh approach from the team of bankers at American Bank & Trust. Jeff (Linda) Erickson joined the Steele family as owners. Jeff was named Chairman of the Executive Committee and Executive Vice Chairman of the board.

2017

In the spring of 2017, a second American Bank & Trust location was opened in Sioux Falls, SD. The branch is located in the River Centre building in the heart of Downtown. The south central branch was moved to a new location in southeast Sioux Falls at the corner of 41st Street & Sycamore Avenue.

Preston Steele became Chairman of the bank’s Board of Directors.

2018 – 2019

Doug Tribble, the Sioux Falls Market President since 2016, was appointed President and CEO in January of 2018 following Lynn Schneider’s retirement. In July, the bank purchased Farmer’s State Bank, with locations in Stickney, Iroquois, and Carthage, SD.

In 2019, Scott Erickson joined the bank’s Board of Directors and became Vice Chairman in 2022.

2020 – 2022

In 2020, American Bank & Trust opened it’s third Sioux Falls location at 77th Street & Minnesota Avenue. Three de novo markets would open shortly after in 2021 located in Watertown, SD and Worthington, MN. A new branch in Aberdeen, SD opened its doors in 2022.

2023

In July 2023, American Bank & Trust and Valley Exchange Bank joined forces to become one financial institution under the American Bank & Trust name. This merger brings two additional branch locations in Tea, SD and Lennox, SD.

Scott Erickson was appointed President of the company in a board approved succession plan as Doug Tribble announced his planned retirement in 2024.

2024

In 2024, American Bank & Trust proudly announced the opening of its newest branch location in Lisbon, ND. The new branch displays the bank’s commitment to personalized services and growth into a new state.

2024 was the dawning of a new era for American Bank & Trust with Scott Erickson being appointed by the board as President and CEO of AB&T. Scott brings a wealth of experience and knowledge from the financial industry. The future of AB&T looks bright with Scott poised to lead the bank into its next phase of growth & prosperity in an ever-evolving banking landscape.

2025

As of January 2025, the bank surpassed $1.9 billion in assets. In May 2025, AB&T reaffirmed its commitment to the Tea, SD community by moving its existing branch into a brand-new, modern facility. This investment reflects the bank’s dedication to providing enhanced service, improved accessibility, and a welcoming environment for customers in the growing Tea area.

Just one month later, in June 2025, AB&T celebrated the opening of its 20th branch, located on the west side of Sioux Falls, SD. This milestone marked another step forward in the bank’s mission to expand access to community-focused financial solutions across the region.

Today

American Bank & Trust remains a family-owned, community-driven institution, operating 20 locations across South Dakota (18), Minnesota (1), and North Dakota (1). American Bank & Trust continues to offer robust banking services, powered by modern technology and delivered by a team of over 200 dedicated employees. Our story is rooted in relationships, built on trust, and driven by a shared commitment to helping our customers and communities grow. As we look to the future, we invite you to be part of what’s next — because at American Bank & Trust, your goals are our purpose.