From Dakota Mac to Landera: A rebrand built for the next generation of ag lending

After 33 years as Dakota Mac, the First Dakota National Bank division has rebranded as “Landera.” The new name reflects the lender’s expanding geographic reach and its evolving role in agricultural real estate finance..The change, which became official last November, is not about leaving the past behind, said Senior Vice President and Landera Manager Jeff Wolfgram. Instead, the new name is designed to position the company for the future while maintaining its strong ties to First Dakota National Bank, which is based in Yankton, S.D.“We weren’t trying to get away from the Dakota name,” Wolfgram said. “We love South Dakota and North Dakota. But as we’ve expanded into states like Nebraska, Iowa, and Missouri—and as we look at other markets—we asked ourselves whether the name might hold us back.”The rebranding process began in May 2024 and lasted more than a year, Wolfgram said. Leadership brought together internal stakeholders and outside branding firms to explore possible names and concepts. Like many rebranding efforts, the process started broadly before gradually narrowing down the options.“You start with dozens of names,” Wolfgram explained. “Then you narrow it down to 10, then three, and eventually you have to make a decision.”In addition to the new name, the team came up with a new logo, stylizing elements of the familiar First Dakota logo.“If you look at our logo, we actually took the ‘1’ from First Dakota’s logo and rotated it to create the ‘L’ in Landera,” Wolfgram said.First Dakota National Bank has grown significantly since the early days of Dakota Mac, which was founded by the bank’s now-retired long-time agri-finance leader Denny Everson in 1993. When Wolfgram joined the organization in 1995, the bank held about $250 million in assets. Today, it has $3.4 billion and is the state’s fifth-largest bank.Landera manages close to $1 billion in agricultural real estate loans, helping farmers secure financing for land purchases and refinancing. Landera’s business flows through two channels: First Dakota’s branch network and its own agricultural loan production offices. Landera has two offices in Nebraska, one in Iowa, three in South Dakota and one in North Dakota.Landera also works with other community banks that want to provide agricultural real estate financing but may lack the infrastructure or volume to manage those loans internally.“We specialize in ag real estate financing,” Wolfgram said. “We utilize the secondary market to help banks offer products that might otherwise be difficult for them to provide.”This model allows local banks to maintain their relationships with customers while partnering with Landera to structure and sell the loan into the secondary market.“Our goal is to help banks navigate the secondary market,” Wolfgram said. “Some banks only do one or two of these deals a year. We have the personnel and experience to help them through that process.”Last year, Landera originated approximately $150 million in secondary market agricultural real estate loans.Wolfgram explained that the roots of Landera’s business model trace back to the agricultural crisis of the 1980s. During that period, rapidly rising interest rates devastated many farm operations, leaving lenders and borrowers searching for more stable financing options.Everson witnessed the turmoil firsthand. Interest rates climbed dramatically, in some cases rising from single digits to nearly 20 percent within a short period. Many farmers were unable to withstand the sudden jump in borrowing costs. Everson’s vision was to create a system that would give farmers access to long-term fixed-rate financing, reducing the risk of volatile interest rates.“He watched his farmers go out of business,” Wolfgram said. “So when he started Dakota Mac, his goal was to give clients an option to fix their interest rate for up to 30 years.”That principle continues to guide Landera today, Wolfgram said.During the low-interest-rate environment of 2020 and 2021, the company helped many borrowers lock in historically low rates through long-term fixed-rate loans.While long-term fixed-rate loans remain central to Landera’s offerings, current market conditions are shaping borrower preferences. As interest rates have risen, many agricultural borrowers are opting for shorter-term variable-rate products. “Right now, our most popular products are three- or five-year variable-rate loans,” Wolfgram said. “Variable rates are lower than fixed rates at the moment, so that’s influencing decisions.”Still, the long-term need for secondary market financing remains strong, particularly as community banks face increasing complexity in agricultural lending. “I think it’s going to be more and more difficult for community banks to do everything within their four walls,” Wolfgram said. “They’re going to need partners.”