State file
South Dakota trust companies
South Dakota charters nondepository trust companies under SDCL chapter 51A-6A and publishes a public-versus-private distinction. Directed-trust mechanics live in SDCL chapter 55-1B. Situs is not automatic because the letterhead says Sioux Falls.
Editorial only. Not legal, tax, or investment advice. Statutes and licensee lists change — read the primary source and the date on each citation.
This directory currently lists 35 companies by primary domicile. Additional-domicile footnotes on a listing do not change that filter.
Regulator roster used here: Trust Companies Chartered to Do Business in South Dakota (as of September 2026).
Who regulates
The South Dakota Division of Banking (Department of Labor and Regulation) charters and examines trust companies. Contact information on the Division’s trust page (accessed 2026-09-09): 1714 Lincoln Ave., Suite 2, Pierre, SD 57501.
The official roster is the PDF titled Trust Companies Chartered to Do Business in South Dakota. Listings in this directory that show a TC.___-2 credential are reading that public-trust-company class off the roster. Re-open the current PDF before an appointment; the Division restates it.
Charter types
SDCL 51A-6A-1 defines a trust company as a nondepository trust company organized under South Dakota law and engaged in the trust-company business (and certain national banks with a South Dakota main office whose sole purpose is trust business). Trust-company business is acting as a fiduciary for hire; the statute carves out ordinary incidental work by lawyers, accountants, brokers, and similar professions.
Public vs private is the Division’s working split:
- Public — solicits or accepts public accounts; statutory definition at 51A-6A-1(12A).
- Private — family book, no general-public hold-out; ARSD 20:07:22:03.
Private family offices and special-purpose entities (SDCL 51A-6A-66) are not interchangeable with a public TC.2 charter.
Prudential figures the Division currently publishes
The Division’s trust-company page and information packet summarize SDCL 51A-6A-19 (accessed 2026-09-09):
- Capitalization of a trust company shall not be less than $200,000
- Fidelity bond and D&O liability insurance of at least $1,000,000 each
- A deposit pledged to the Division of not less than $100,000 (packet cites 51A-6A-19.2 for the pledged deposit)
Those are charter prudential minimums as the Division restates them, not a client recovery table and not a comparison chart against Nevada, Wyoming, or Delaware. Confirm the current statute and any director-imposed higher amount before you rely on a number.
Supervisory fees in ARSD 20:07:22:01 (rate, floors, and ceilings) are fees the company pays the Division, not a fee schedule for your trust.
Directed trusts
SDCL chapter 55-1B is the directed-trust chapter. It is the reason a South Dakota corporate trustee can sit as an excluded fiduciary while an investment, distribution, or tax trust adviser directs those decisions — if the governing instrument creates those offices. A public charter in Rapid City or Sioux Falls without 55-1B language is still just a trusteeship.
What to verify on a South Dakota appointment
- Credential and first-issuance date on the current roster
- Public vs private class
- Whether administration will satisfy 51A-6A-11.1 and the ARSD 20:07:22:04 functions you are counting on
- Directed vs discretionary acceptance
- Whether any special-purpose entity giving directions is in compliance with 51A-6A-66 (the Division has published SPE oversight guidance)
Listed South Dakota companies whose Trust File directed-trust field is directed or directed / mixed are collected on the South Dakota directed trustees landing. That page explains the 55-1B role first; it is not a ranking.
Questions people actually ask
What is a South Dakota public trust company?
The Division of Banking says a public trust company resembles a traditional bank trust department, with the defining factor being solicitation and acceptance of public accounts, and points to SDCL 51A-6A-1(12A). That section defines a public trust company as one that engages in trust-company business with the general public by advertising, solicitation, or other means, or that does not fall within the commission’s private-trust-company definition.
What is a private trust company in South Dakota?
ARSD 20:07:22:03 defines a private trust company as one that does not engage in trust-company business with the general public or hold itself out as a trustee or fiduciary for hire by advertising or solicitation, and instead operates for the benefit of a family or families. This directory generally lists public charters that serve third-party clients.
Where does directed trust law live?
SDCL chapter 55-1B (Directed Trusts), including excluded-fiduciary liability in 55-1B-2 and investment, distribution, and tax trust advisers in 55-1B-1, 55-1B-4, and 55-1B-9. The 2025 Division memo on SB 69 describes the addition of a tax trust advisor role. The instrument still has to use the chapter.
Does a Sioux Falls office equal South Dakota situs?
Not by itself. The Division’s trust-company page states that SDCL 51A-6A-11.1, 51A-6A-11.2, and 51A-6A-11.3 establish jurisdiction criteria needed to establish South Dakota situs. ARSD 20:07:22:04 defines trust administration in South Dakota for purposes of 51A-6A-11.1 as performing at least three listed functions wholly or partly in the state, unless the director allows other means. Confirm the current test with counsel.