Nick Conway’s connection to ICBSD goes back further than many people realize. Long before joining First Western Federal Savings Bank in Rapid City, he became an associate member of ICBSD in 2008. He joined the bank in 2017 as Executive Vice President, was named President in 2023, and now takes on a new leadership role as ICBSD Chairman for the 2026-2027 term.
When asked why he chose to serve as Chairman, Conway simply points to the unique role ICBSD plays for community banks across South Dakota. While larger banking associations represent institutions of all sizes, ICBSD remains focused on the needs and priorities of community banks and the communities they serve.
“There is an old saying that says ‘Nobody cares about me more than me,’” Conway said. “I would add to that, next in line is ICBSD.”
That kind of practical, dedicated representation is something Conway is passionate about preserving for community bankers throughout South Dakota, and it’s a big reason he chose to step into this leadership role. It’s also a perspective that shapes how he views the year ahead.
Conway isn’t looking to reinvent the wheel during his term. Instead, his focus is on building on the strong momentum already in place. He sees the current regulatory environment as workable and wants to protect it.
“Let banks do banking and businesses do business,” Conway said. It’s a straight-forward philosophy, but one that underscores the importance of ensuring community bankers have a seat at the table when policy decisions are being made. It’s also one Conway hopes every community banker embraces. Staying engaged with legislators on issues that matter to the industry is essential. “If we don’t tell our story to lawmakers ourselves, someone else will tell it for us,” he said.
That same commitment to engagement is important as South Dakota banks navigate a growing list of challenges. Spend a few minutes talking with Conway, and it quickly becomes clear where he sees both opportunities and concerns on the horizon. The continued absence of a new farm bill is a challenge for community banks creating uncertainty. Mission creep from credit unions and Farm Credit remains another ongoing concern, one that deserves continued attention and advocacy at the legislative level. Fraud is another growing concern, with check washing trying to make an unwelcome comeback alongside new AI-drive schemes. Cryptocurrency is also on his watchlist.
Technology and artificial intelligence are top of mind as well. “Broadly speaking, technology is the toughest nut to crack. AI is the clearest example,” Conway said. Banks that created policies several years ago assuming they wouldn’t use AI are now discovering that many of the vendors they work with have adopted it as part of their own products and services. Conway’s approach is simple: develop policies that reflect today’s reality rather than forecasts for tomorrow. Just know you will have to adapt to conditions as they change.
This present-tense thinking extends to his view of the broader economy as well. Just months ago, many economists were forecasting multiple interest rate cuts in 2026. More recently, some projections shifted toward the possibility of a rate increase before year’s end. For Conway, those changing forecasts reinforce an important lesson. “Look at the facts today,” Conway said. “You can’t predict the future.”
Ask him to sum up his strategy for the year ahead, and he keeps it just as simple.
“Keep your foot on the gas and tires on the road,” Conway said.
It’s a fitting note for a Chairman who has spent his career watching what’s directly in front of him and responding accordingly, whether that’s a bank’s next move, a legislative change, or the industry’s next shift.
When he’s not at the bank or serving the industry’s interests through ICBSD, Conway enjoys spending time with his family and getting out on the golf course whenever he can.