Dacotah Banks : Letter to Shareholders – March 31, 2021 Appraisal
May 27, 2021
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Dacotah Banks, Inc.
PO Box 1496
p: (605) 225-4850
dacotahbank.com Aberdeen, SD 57402-1496
f: (605) 225-4929
May 27, 2021
Dear Shareholders:
The Dacotah Banks, Inc. Board of Directors has the Company's common stock appraised quarterly. WIPFLi, LLP, an accounting and consulting firm based in Wausau, Wisconsin is the current provider of the appraisals. WIPFLi has 148 partners and over 1,200 associates and ranks among the top 25 accounting and consulting firms in the nation. Financial Institutions are an industry focus of WIPFLi.
WIPFLi recently completed an appraisal of Dacotah Banks, Inc. common stock as of March 31, 2021 and concluded that the fair market value per share on a minority, nonmarketable basis, based on 11,257,175 shares of common stock issued and outstanding, is reasonably estimated to be $36.48. For purposes of the appraisal, "fair market value" is defined as the price at which the Company's common stock would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.
At its meeting on May 27, 2021, the Dacotah Banks, Inc. Board of Directors accepted the WIPFLi appraisal and determined that $36.48 per share is adequate consideration to be paid for any shares of common stock to be purchased or issued by Dacotah Banks, Inc. from said date until the next quarterly value determination is made by the Board.
Please contact Chad Bergan, executive vice president and chief financial officer, with any questions or if you or your advisors need additional information.
Sincerely,
Richard L. Westra
Chairman
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Dacotah Banks Inc. published this content on 28 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 June 2021 16:32:01 UTC.
Dacotah Banks, Inc. is the holding company of Dacotah Bank, which provides a full range of banking services to individuals and businesses through its market locations in Aberdeen, Brookings, Clark, Lemmon, Mobridge, Rapid City, Sioux Falls, Sisseton, Watertown, and Webster, South Dakota, and Dickinson, Jamestown, Minot, Rolla, and Valley City, North Dakota, and Morris, Minnesota. It provides trust services to individuals and businesses. Its general insurance operations are conducted in 15 of the 34 locations. Its primary deposit products are demand deposits and certificates of deposit, and its primary lending products are commercial, agricultural, real estate mortgage, and consumer loans. Its business services include card solutions, mobile and online solutions, cash management solutions, money markets, business checking, business insurance and investment and wealth management. It also provides agriculture insurance, agriculture checking, and farm and ranch management.