At a time many other banks are consolidating resources and closing their doors in small towns like Colman, BankWest Chairman, President and CEO Charles H. Burke, III says the opportunity right now in that particular community is just too tough to ignore.
There will be a new Colman branch within the coming months. Great Western Bank closed its doors just weeks ago.
“There is excitement over there, and the fact that they do not consider themselves a bedroom community of Sioux Falls gave us a lot of encouragement to the point we thought, ‘yes, we can make this work,’” Burke told the Moody County Enterprise.
It’s no secret that the bank has been looking at locations locally in recent weeks and months — for starters, the bank has been advertising positions for the community. It was after fielding a suggestion from a friend that the bank consider Colman, Burke said board members have been visiting to get a better feel for the community and in doing so, they’ve spent quite a bit of time talking with residents, business owners, and the economic development committee since.

Sealing the deal for the bank, were those conversations.
“The first and foremost thing is the positive energy within every citizen, as to what Colman is all about. And it’s growing. They have to add a new section for more houses, the school is poised to need more space potentially. It’s our understanding that Colman is one of those communities that grows every morning as workers come to town...it’s just amazing, you just get a feeling going through Colman, stopping and visiting with people, they’re all just energized and excited,” said Burke.
No official date has been set for the opening of a new branch as the filing period and official paperwork could take upwards of 60 days to complete. The goal is to have it open either before the end of the year or shortly after the start of 2022. Burke said the most desired location would be somewhere along the Highway 34 corridor but the board has yet to settle on a final location. Staffing is yet to be determined, but he adds that those with an account locally may see some of the same smiling faces at the new bank that had previously been employed with Great Western.
BankWest was founded in Pierre by the Burke family in September of 1889. It has grown in that time to become the 12th largest bank in the state and it remains family owned. Burke said that the bank takes pride in banking in smaller communities, especially those with an agricultural base.
Accounts for BankWest in Colman are currency being opened in Madison and will be transferred as soon as the new Colman branch opens.