INDEPENDENCE Financial Freedom the Credit Union Way

To ensure you continue to receive this magazine,say YES to your free subscription at info@dakotalandfcu.com.*annual percentage rate | qualifications apply

Strong

Anniversary Edition

Brookings | De Smet | Huronwww.DakotalandCommunityInsurance.com | 800.257.7353

Protect Your Car — Call for a Quote Today

Dakotaland Community Insurance is a separate entity from Dakotaland Federal Credit Union

ACCIDENTS HAPPEN

Good Auto Coverage is No Mistake

but...

Protect Your Car — Call for a Quote Today

Time Flies: A Final FarewellTime flies when you’re having fun. It’s hard to imagine I’m only six months from retirement. After 33 years, three months and three days as CEO of Dakotaland, I plan to retire on Independence Day 2020. My credit union career has been absolutely the best and second to none. I would not trade it for any other career. I love the Credit Union “cooperative” business model, which is designed to put the member first. Everything we do is part of a long term plan aimed at improving our members lives with the best service possible. At Dakotaland, all profits are returned to the membership and placed into a reserve account. These funds are held to protect the credit union from economic downturns, and are required by our regulators. Another major benefit of saving all of the past profits, is to allow those same funds to subsidize future services for all members.Did you know Dakotaland has over $40,000,000 in reserves? This makes Dakotaland a very safe and sound financial institution and helps drive our competitive advantage. I’m very grateful to have been a part of building the reserves for the betterment of current and future members.It’s been a pleasure developing the credit union to where it is today. Building has been the fun part of my job. Over the years, I’ve been fortunate to be involved in seven new facility construction projects and eight major additions, along with numerous remodeling projects. Our 12 branch facilities are a legacy that I’m very proud of along with the relationships developed in the 10 South Dakota communities we serve. We would be nothing if it wasn’t for the great staff employed at Dakotaland. The employees at Dakotaland provide the one–on–one service to all of our members/owners and are the heart and soul of the credit union. I would like to voice my appreciation to the hard working dedicated staff for being a truly great crew to work with. I am honored to have been a part of this team.Finally, I want to express my gratitude to the nearly 38,000 members that belong to Dakotaland. It has been a pleasure serving your financial needs. I wish I could personally thank all of our members for your business and for sharing your joys and your sorrows. I am in hopes we have together, made a difference in your lives and have improved your standard of living. You are the reason the credit union exists and why we will still be here in another 85 years.

Independence | 1

In the

CREDITS & CONTACTSDakotaland Federal Credit Union | 1371 Dakota Avenue S. | Huron, SD 57350 | 800.440.6573

PUBLISHER/EDITOR: Dawn Mutchelknaus | dawnm@dakotalandfcu.com • DESIGN/LAYOUT: Emily Kuehl | emilyk@dakotalandfcu.comPRINTING: Brad McGirr/Creative Printing | brad@creativeprinting.com • ONLINE: www.DakotalandFCU.com | Facebook.com/DakotalandFCU

DAN CUMBEE President | CEO

LoopGood Auto Coverage is No Mistake

2 | Independence

With over 33 successful years at the helm, Dan Cumbee has announced his retirement as President and CEO of Dakotaland Federal Credit Union. As a result, the Dakotaland Board of Directors have completed the selection process and appointed internal candidate, Ryan Goehner as President and CEO–elect.Goehner joined the Credit Union in 2011 as the Chief Financial Officer and resident Certified Public Accountant. Ryan was previously employed with Williams & Company as a Senior Accountant in Yankton, SD and received his CPA Certification in 2011. Mr. Goehner has a Bachelor of Business Administration, Accounting Degree and a Masters in Public Accounting from the University of South Dakota. Ryan and his wife, Heather have two young sons and reside in Huron. Heather is employed at Pro PT as a Pediatric Physical Therapist.Cumbee will remain in his position until July of 2020, at which time he and his wife, Angie, will take full–time residence at their home in Hill City, SD.

Cumbee Announces Retirement;

GOEHNER APPOINTED Dakotaland FCU President/CEO

The Supervisory Committee is verifying member records. Please compare your December statement balances with your records. If they do not agree, please report any differences immediately to:

Dakotaland FCU — Supervisory Committee 1371 Dakota Ave S Huron, SD 57350

We will consider the balances correct unless we hear from you within 10 days of receiving the statement.

NOTICE OF AUDIT

Start Planning

Mara Norby Agent

Dakotaland Community Insurance

The latest addition to the Dakotaland Community Insurance family is Huron native, Mara Norby. Ms. Norby is a licensed agent and a graduate of Mitchell Technical Institute. Mara and her husband, Dan, have two children and two fur babies. After living in Huron for the past 7 years, the Norby family has moved out of town and now resides on her grandparents’ farm. Mara stays busy with kids’ activity schedules and being the Cheer Coach at James Valley Christian School.

MEET OUR NEW AGENT

*annual percentage rate

www.DakotalandFCU.com 800.440.6573

NMLS # 657864

Start Planning...we’ll take care of the rest

“With 20 years experience in the construction business, I take pride in consulting on your project.”— Mark Peterson | Construction Loan Specialist

CONSTRUCTION and

HOME IMPROVEMENT

loan rates as low as

2.85%

FACEBOOKDakotaland Home

Lending Team

Like Us on

apr*

4 | Independence

“It was easy to get wrapped up in what I was being told,” explained 76 year old, Darrel Tolzin of Lake Preston, SD. Overjoyed at the thought of ‘winning’ enough money to put anyone’s financial worries to rest, Mr. Tolzin missed the warning signs. A mistake which led to financial loss, and even worse, exposed him to actual physical harm. “I felt like a fool once I realized what had happened, but I hope I can save someone the stress and fear I experienced by telling my story,” explained Darrel.Mr. Tolzin had moved back to Lake Preston after living in Arizona for several years. Unfortunately, Darrel had been diagnosed with Leukemia and was having concerns over his health and how it might impact his financial future. As if a prayer was answered, he received a phone call in September, stating he had won $8.5 million dollars. Darrel recalls thinking it was too good to be true, but the caller mentioned Publisher’s Clearing House and Wells Fargo making it sound very legitimate. They even went as far as to give Tolzin a phone number, which appeared to be, to a Wells Fargo location so he could verify the funds were waiting for him. At this point, Darrel was too star struck by his new found fortune to realize Publisher’s Clearing House and Wells Fargo had absolutely nothing to do with the nightmare he was about to be swept into.The first instructions to Darrel were requiring him to pay the income tax on his winnings before the monies could be released. He was told to send the funds in a cashier’s check and to keep the conversations and transactions a secret until all the paperwork was complete. When it was time, a BIG public announcement

SCAMMERS: as close as the front door

A Member’s True Story

Independence | 5

would be made on his behalf. “They had me convinced this was a legitimate deal and I needed to keep it a secret or lose the money. I felt bad about lying to everyone about what I was doing, but I kept thinking this money was going to pay off my house, my medical bills and make sure I wouldn’t end up being a burden on anyone,” confessed Tolzin.With the stage set by the prize givers, Darrel was anxious to accommodate their continued requests for money and expensive gifts as they dangled the $8.5 million dollars over his head. The caller utilized several clever tactics, which kept Darrel’s suspicions at bay. They used only local 605 area code phone numbers to appear as if he was talking to someone right here in South Dakota and as close as a Brookings prefix. In addition, the caller sent several checks to Darrell to show their ‘good faith’ but asked him not to cash them until instructed to do so. Mr. Tolzin is a member of Dakotaland Federal Credit Union in De Smet and it was in October the staff noticed some uncharacteristic transactions on Darrel’s accounts. “We also noticed his behavior had changed dramatically and seemed very nervous and anxious when he stopped into the credit union,” noted Branch Manager, Barb Asleson. It was then, Ms. Asleson felt compelled to talked to Darrel. “I didn’t want to tell her, but when Barb started talking about scams and fraud, I got a terrible feeling and started talking,” explained Tolzin. The next few hours were critical. A call was made to a ‘real’ Wells Fargo and as suspected, there was no such account or winnings waiting for Darrel. The whole story was confirmed a SCAM. The Dakotaland Staff in De Smet quickly helped Darrel freeze his accounts and all lines of credit, notified the credit bureaus, contacted the State’s Attorney’s Office in Pierre, etc. Ironically, the scammer called Darrel while he was sitting in Barb’s office. Darrel proceeded to hand the phone to Barb and when she indicated who she was the line went dead. At this point, the caller knew the ‘secret’ had been told. Darrel went home feeling relieved he had talked to Ms. Asleson and grateful for her assistance, but also extremely upset with himself. Tolzin was in hopes this bad dream was over, but that was not the case. Later that same evening, an unfamiliar car pulled up to the Tolzin home in Lake Preston. When Darrel opened

SCAMMERS: as close as the front door

A Member’s True Story

the front door, a large man he did not recognize was standing there. The stranger told Darrel he had been instructed to take him to Brookings and stated he needed him to get in the car. Darrel refused and the man returned to the vehicle to make a phone call. Moments later the man was back at the front door and informed Darrel he had his son on the phone he should come to the car and talk to his son. Thinking quickly, Darrel asked the man to verify his son’s name, but he could not. Darrel once again said he would not get in the car. The persistent stranger then indicated that if Darrel did not come with him to Brookings, he would not get paid for the trip he had made to Lake Preston. Thankfully, Tolzin’s neighbor appeared and was witness to the scene. Darrel again refused to get in the car and told the stranger the authorities had been called. The man finally left. “I was in shock, but now I knew I had to do more than protect my money, I had to protect myself,” declared

Darrel. A police report was filed, and he immediately changed his cell phone number. Following, Tolzin did not have anyone else try to contact him in–person,article continues on page 11

Darrel Tolzin of Lake Preston (pictured with Dakotaland Branch Manager, Barb Asleson in De Smet) has much to be thankful this holiday season after a SCAM took him through a frightening life–changing experience.

6 | Independence

According to the history books, Dakotaland Federal Credit Union came from humble beginnings in Huron, SD as Armour Federal Credit Union with a mere 10 members in 1935. Initially, all transactions were managed out of a single desk drawer. The credit union was formed to provide savings and loans to its meat packing members. At that time, the average annual salary was $1,500, the maximum credit union savings account was $500, and the maximum credit union loan was $25 dollars. In 1967, the credit union purchased a used garage for $3,000 and moved it inside the secure fence of the meat packing plant. With a little remodeling, the

#85YearsStronggarage became the credit union office, which was fondly referred to as “The Shack”. In 1983, the credit union’s only sponsor group, Armour Meat Packing closed the plant leaving 550 members wondering if they would lose their credit union permanently. The Board of Directors chose to expand the field of membership to include other employer groups in Huron and changed the credit union’s name to Dakotaland Federal Credit Union. In 1997, another plant closing (Dakota Pork), gave way to community charter approval for Dakotaland. With nearly 6,000 existing members, the credit union opened its doors and services to anyone who lived

a walk down

The Shack

Independence | 7

or worked in Beadle County.Over the years, the credit union’s charter grew, but in 2010 a rural community charter expansion was obtained. It now allows Dakotaland to extend credit union services to anyone who lives, works, worships or attends school in the counties of Beadle, Jerauld, Sanborn, Kingsbury, Brookings, Moody, Lake, Miner, McCook, Hanson, Davison, Aurora, Brule, Buffalo, Hand, Hyde, Hughes, Sully, Faulk, Spink, Clark, Codington, Hamlin, Grant, Deuel, Brown and Day.In addition, Dakotaland Federal Credit Union established two CUSOs (Credit Union Service Organizations) to better serve its membership. Dakotaland Community Insurance with agents in Huron, De Smet and Brookings was added in 2012. Dakotaland Financial Services opened its doors in 2015 and provides tax and bookkeeping services out of the Main Branch in Huron. Currently, the credit union has over 38,000 members, which can be found in every county in South Dakota. Moreover, our members take residence in 46 of the 50 states, including the District of Columbia and Puerto Rico. Dakotaland has 12 branch locations, employs 160 staff and has made over two–billion dollars in loans since its inception. The road has not always been an easy one. There are many decades of members, staff, board members, volunteers and business partners who have helped weather the storms and share in the successes. As we prepare to celebrate our 85th Anniversary in 2020, our humble beginnings are not forgotten. As a local lending leader and one of the strongest financial institutions in the country, we reflect on the hard work it took to get here. We also embrace the commitment to owning our future and will continue to provide the quality products and services our members deserve.

Armour FCU

Huron Main Branch

1984 1996

Volga

2004

Woonsocket

2005

HuronNorth Branch

20052011

Brookings

Madison

2011

De Smet

2011

Redfield

Mitchell

2013 2017

Aberdeen

Watertown

Administrative Center – Huron

85 Years Strong

1935

2018 2018

The Shack

Evolution of the Branch Locations

Credit Unions the Only Thing I Know

In July of 2019, Dakotaland Federal Credit Union’s President and Chief Executive Officer announced his retirement. After a remarkable career of 33 years, three months and three days, Dan Cumbee will start the next chapter of his life on July 4, 2020. Mr. Cumbee has been interviewed many times. In every case, Dan takes the opportunity to proudly tell the ‘cooperative story’ and in particular, the Dakotaland story. In one article, Dan was quoted as saying, “credit unions are the only thing I know”. The comment was made in jest, but the truth is, finding someone who has dedicated their entire life’s work to a single mission is a rarity in any field. To Cumbee, the credit union is home and those who pass through its doors, he considers family. Dan grew up in the small town of Salem, SD and in a credit union family. Joining through his father, Cumbee opened his first account in elementary school at First Dakota Federal Credit Union in Sioux Falls, SD. It opened the door to his first checking account, car loan, student loan and finally, his first home loan. Upon graduating from Dakota State College in Madison SD, Cumbee landed his first job in 1984 atFirst Dakota Federal Credit Union. Dan was the first full–time employee at the $1 million dollar, “almost

full service” credit union, hired at $5.00 per hour, and no benefits. “They always told me it was the experience I was gaining that was valuable — looking back now, that experience was very valuable, as I learned all the basics and did every function of the credit union,” recalled Cumbee. He worked there for three years. Then, with his work experience and his degrees in Business Administration and Data Processing, Dan was ready for a bigger challenge. On April 1, 1987, Dan began his career as the CEO of Dakotaland Federal Credit Union in Huron, SD. Only his second job out of college and at the ripe old age of 24.

“When I first started, our delinquency rate was nearly 14% and many of the delinquent loans were past due 12 months,” Dan shared. The credit union repossessed nearly 100 vehicles and held several auctions during his first few years. “I think I experienced almost every collection story you could encounter. It was quite an education, and I learned a lot about what not to do. I got to know several of our members very closely as I contacted them weekly. I was almost disappointed when they would finally get their loan current as we had become friends,” he jested.

A special thanks to Communications/Media Specialist, Shawn Marie Brummer with the Credit Union of the Dakotas, for her creative input.

Independence | 9

In watching the members struggle and helping them through it, Cumbee has gained much personal satisfaction by being able to truly help. “I love when our members tell us how much they appreciate our services and when they compliment our staff,” Dan added. He relayed one particular moment when, traveling to Minneapolis, he stopped at a Marshall, MN C–Store. When the clerk saw his debit card, she remarked, “Hey, that’s my credit union too!” It was a proud moment for Cumbee when she added,

“They are great — I especially like working with my local branch office.”

Cumbee’s drive to help others has been demonstrated in other ways as well. He served in the South Dakota National Guard for eight years, in both the Army National Guard and Air National Guard. In the credit union industry, he has served as a board member for the South Dakota Credit Union League, including time as board chair, was a board member of the South Dakota Corporate FCU, served as President of the Central Chapter of Credit Unions, was a CUNA Mutual Policy Owners Council Representative for South Dakota, and a member of the SOS Computer Software Review Committee. In the greater community, he has served as a school board member and chairperson of Saint Martin School, a board member of the Community Development Fund of Greater Huron Development Corporation and a board member of the Huron Chamber of Commerce. Cumbee is also a 1994 graduate of CUNA Management School.

“The best thing that has happened to me is the personal reflection that Dakotaland makes a difference in our members’ lives. Nearly 38,000 people count on us to provide needed financial services. It’s very rewarding to know we have helped thousands of people finance their home, and tens of thousands of people finance their vehicles. Working for credit unions has been absolutely the most rewarding career I could ever imagine! I have been truly blessed,” he concluded.With retirement just around the corner, Dan and his wife, Angie, have plans to ‘relax’ in the Black Hills as they permanently relocate to their home in Hill City, SD. They also intend to spend plenty of time riding their Road King Harley Davidson, 4–wheelers and bicycles. They also like to hike, golf and travel when time permits.

the Only Thing I Know

PROUD MOMENTS:

• Two–Time Runner Up for the CUNA National Community Credit Union of the Year Award• Four–Time Winner of the South Dakota Growth and Progress Award• America’s Best–In–State Credit Union by Forbes Magazine• Recipient of the Mayor’s Award for Excellence in Business• Developed two CUSOs (a property and casualty insurance company and a bookkeeping, payroll processing and tax preparation company)

• “Top 10” Auto and Mortgage Lender in South Dakota• Sixth Largest Mortgage Servicer in South Dakota

Getting to Know

GAP Interview with

JOEL VAN BATAVIA Loan Officer | Madison Branch

Independence: Joel, we understand GAP Insurance has been around a long time, but few truly understand what it is or why they may need it. Can you give us a high level look at this product? Joel VB: Yes, of course. GAP, which stands for Guaranteed Asset Protection is an optional, add–on car insurance coverage available through the Credit Union. It is designed to help cover the “gap” between the amount you owe on your car loan or lease and the car’s actual cash value (ACV) in the event your auto is stolen or totaled in an accident.Independence: Why would anyone need GAP Insurance? Joel VB: Vehicles lose 20-30 percent of their value in the first year, and standard auto insurance only pays what a car is worth at the time of the accident. In many cases, what you owe on your loan or lease may exceed what insurance pays. With GAP coverage, you’re getting protection on your vehicle investment to avoid a possible financial loss. Independence: How do I know if I need GAP Insurance? Joel VB: Every situation is different, but here are some questions to ask yourself. A ‘yes” answer may lead you to consider what GAP coverage can do for you: • Do you owe more money on your car than it is currently worth? • Are you a single car family and cannot go without a vehicle? • Did you agree to a loan term longer than three years? • Do you put a large number of miles on your vehicle each year? • Is the type of vehicle you drive known to depreciate or lose value quickly?Independence: Generally, how much does GAP Insurance cost? Joel VB: First and foremost, you must have collision and comprehensive coverage on your vehicle before securing GAP Insurance. Currently at Dakotaland, with a new loan, the cost of GAP is a one–time $299 flat fee on all motor vehicles, powersport, recreational or watercrafts. Refinancing a previous Dakotaland loan, which already had GAP, the one–time cost reduces to $249.Independence: How is the premium for GAP coverage billed? Joel VB: It is a one–time premium and usually collected at the time the auto loan is processed. GAP is then in effect for as long as you have the loan and carry full coverage on the vehicle.Independence: Does the GAP coverage through Dakotaland come with any other perks or benefits?

10 | Independence

Independence | 11

Joel VB: Yes, there are two perks I have found to be very valuable. Our program is called GAP Plus® which puts $1,000 down on your next loan if the covered vehicle is deemed a total loss. In addition, our program offers deductible assistance. If any of your personal vehicles insured under your primary auto insurance policy is involved in a non–totaled accident where you would incur a deductible, GAP Plus will refund up to $500 of that said deductible, up to two times in a 12 month period.Independence: What is one of the most frequent questions you get regarding GAP Insurance? Joel VB: It is common to be asked about GAP coverage for a salvaged vehicle. In those instances, the car’s actual cash value (ACV) would be in question due to the fact the vehicle has sustained significant damage in the past. Therefore, GAP is not a product we are allowed to extend to a vehicle with a salvaged title.Independence: What is best advice you can give someone considering GAP Insurance? Joel VB: There are a number of outlets to secure GAP coverage, such as, insurance agencies, auto dealerships, financial institutions, etc. Pricing and options can vary greatly. I encourage everyone to do their homework before making a commitment. I am always happy to do a cost comparison to help ensure the best product for the best price.

article continued from page 5but oddly, even though he changed his cell phone number (several times), they somehow obtained his new number and continued to try to call him. Now wise to the deceitful ways of the scammers, Darrel put a stop to any connection they might have had with him. The good news is, this group of criminals appears to have moved on. The bad news is, they are not gone or captured, but out there looking for the next person they can take advantage of. “I am so grateful to Barb and the staff at the credit union for paying attention and caring enough to say something. I hate to think what could have happened if I had gotten in that car. Looks like this young lady might have just saved my life,” added Darrel with a smile.

Your First Response to a SUSPECTED SCAM OR

FRAUD• File a report with your local police or the police in the community where the incident took place.

• Consult with your financial institution to determine if your accounts and/or credit cards need to be closed, frozen, or at a minimum, put on alert, based on the level of risk.

• Contact the fraud departments of the three major credit bureaus. o Equifax — 800.525.6285 o Experian — 888.397.3742 o TransUnion — 800.680.7289

• Notify the State’s Attorney’s Office and the Social Security Department.

• Review your other accounts, such as utility bills, cell phone, mail service, etc., for suspicious activity.

January 20 Closed - Martin Luther King Jr. DayFebruary 7 Scholarship DeadlineFebruary 8-9 Winter Big Boy Toy Show | Aberdeen*

Brookings Home Show | Brookings*February 17 Closed – Presidents’ DayFebruary 21–23 Watertown Big Boy Toy Show*Feb. 29–Mar. 1 Watertown Home Show*March 6–8 Aberdeen Home Show*March 28 Annual Meeting | HuronMarch 28–29 KOKK Outdoor Show | Huron*April 20–24 Youth WeekMay 29 Dan Cumbee’s Retirement Open House

12 | Independence12 | Independence

1371 Dakota Avenue South, Suite 100 | Huron, SD 57350www.DakotalandFS.com | info@dakotalandfs.com | 605.353.8777Dakotaland Financial Services, LLC. is a separate entity from Dakotaland Federal Credit Union.

NAOMI TERKILDSENAccounting Associate

Up to $550 Penalty per Form for Unfiled Form 1099’s in 2020

CALLA ROUNDSStaff Accountant

AMANDA SCHEELAccounting Associate

STEVEN HEIN, CPAAccountant

ANDREA BRUEGGEMANManager

CALENDAR of EVENTS

Payroll Processing & Reporting • Bookkeeping Tax Preparation & Planning • ConsultingATTENTION

After months of construction, the new drive thru and ATM are “officially” open for business in Madison. We also returned to regular business hours. Lobby is open 9:00AM to 5:00PM Monday through Friday. Drive Up is open 8:30AM to 5:30PM Monday through Thursday and 8:30AM to 6:00PM on Fridays.

Officially

OPEN NUMBERS not adding up?

Call About Our Tax Preparation Services

FINANCIAL SERVICESLLC

*visit our booth

FINANCIAL SERVICESLLC

1371 Dakota Avenue South, Suite 100 | Huron, SD 57350www.DakotalandFS.com | info@dakotalandfs.com | 605.353.8777Dakotaland Financial Services, LLC. is a separate entity from Dakotaland Federal Credit Union.

Payroll Processing & Reporting • Bookkeeping Tax Preparation & Planning • Consulting

NUMBERS not adding up?

Call About Our Tax Preparation Services

loan rates as low as

3.90%apr*

catch up on

HOLIDAY BILLS

HOLIDAYHANGOVER?

*annual percentage rate | qualifications apply