South Dakota banking leader remembered as visionary dedicated to fairness, trust

Bob Fishback remembered for measuring success not in profits, but in serving people, community

The Brookings area and South Dakota’s broader financial community are mourning the loss of a philanthropic and business leader paramount to the growth of one of the state’s most reputable banks.

Bob Fishback, a third-generation member of the pioneering bank family that began First Bank & Trust, died Sunday, Dec. 7, at the age of 89.

A lifelong resident of Brookings, Bob began his career at the bank at age 25 after achieving undergraduate and graduate degrees in business finance and economics. He stepped into the leadership role at the bank seven years later, immediately following the death of his father, Horace Fishback, in 1968.

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His path to leading the family business was a responsibility Bob pursued dutifully and without hesitation, believing it was the “right thing to do,” according to his friends and family, who say doing the right thing would become not only a lifelong pursuit for Bob, but a guiding principle at the banking organization he championed, where doing right by individuals and businesses was proven to fuel the community he loved.

“The community of Brookings, the Fishback family, and countless colleagues, clients, and friends lost a true champion,” said Kevin Tetzlaff, President and CEO of First Bank & Trust. “Bob Fishback was not only a steward of his community and of his family’s banking organization, but a quiet advocate and donor to causes, non-profits and projects around the region.”

Under Bob’s leadership from 1968 to 1995, the number of employees at First Bank & Trust grew from fewer than 20 to more than 175, and its asset size grew significantly. During that period, the bank expanded its downtown Brookings location, opened additional locations in Brookings and gained a presence in White, Vermillion and Stockholm, S.D. Bob was responsible for establishing the bank holding company, Fishback Financial Corporation, which— as the sole owner of First Bank & Trust — would go on to become one of the largest privately held bank holding corporations in South Dakota, with 22 bank locations in South Dakota and Minnesota.

But for all the company’s financial success and growth under his leadership, one of Bob’s achievements most heralded by employees and leadership of the bank was the opening of Kids World Learning Center, his inspiration and South Dakota’s first — and still only — company-owned child care center, available to employees’ children and grandchildren. Offering peace of mind, convenience and high-quality care for employees was important to Bob, as it was not only a valuable benefit, but it also meant hand-drawn cards and bye-bye buggies traveling the hallways. Bob not only loved the kids but the daily reminder that family comes first.

“Bob is widely regarded as the visionary behind our on-site child care center,” said Nan Poppen, Chief Human Resources Officer at First Bank & Trust. “The company’s unwavering commitment to this investment is treasured by staff and earns accolades from early childhood experts.” Nan added that some of the current Kids World children have parents who also attended the center.

Van Fishback, Bob’s brother and lifelong business partner, described Bob as the quintessential community banker of his era. But what made him unique, he said, was that his measure of success was not profit or company growth; rather, Bob considered success taking care of people and meeting their legitimate financial needs.

“What I admire most about Bob both personally and professionally was his devotion to doing what was important for his family, his customers and his community,” said Van. “That he did so without expecting recognition or accolades … well, that was just Bob.”

Van said Bob’s decisions were centered on fairness and trust, describing his demeanor as humble, quiet and courteous. This is the same way Bob was described by longtime employees and lifelong customers.

Joe Davis, partner in a sixth-generation family farm whose ancestors settled in eastern South Dakota around the same time the pioneering Fishback family did in the late 1800s, described his decades-long relationship with Bob. He cited the many times Bob took a calculated risk on him, from loaning him money at age 20 to later encouraging he expand with a land purchase. Davis knew, even then, that Bob’s support of him was in large part due to the mutual respect Bob had built with the Davis family over the years.

Davis said that later, after he’d become a board member of First Bank & Trust, he better understood the financials behind the loan decisions he’d benefited from all those years. “When you understand risk and can identify ‘good risk’ like Bob could, you can feel confident in pursuing growth for your business,” he said.

Deann Moulton, who worked for Bob for nearly 45 years, reflected on Bob’s quiet, respectful nature and his dedication to always being available to customers from his office, front and center at the bank.

“Bob always did what he could to help customers,” Moulton explained. “And somehow, he was able to turn even losses into positive outcomes for the community.”

She pointed to area business developments, sports complexes and affordable housing developments that now thrive on land that became available for second-chance opportunities.

Moulton also referred to a parcel of land that Bob urged the bank to donate to the City of Brookings with the caveat it remains undeveloped. That land, which sits on the corner of 6th Street and 22nd Avenue, will greet visitors and provide a vast green space for residents for generations to come.

After stepping down from his role of President/CEO of First Bank & Trust in 1995, Bob remained in active leadership at the board level. He served as chairman of the board of First Bank & Trust and its holding company, Fishback Financial Corporation, until 2016, when he became a board member until moving into emeritus status in 2022.

Throughout his more than 50-year career, Bob left a legacy of service, centered around family and providing opportunities for people across the community to succeed.