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In general, no.
What specific state agency did this?
If the South Dakota Division of Insurance served a subpoena on your bank, and if no one notified you of the subpoena, how do you know about it?
I would contact your bank and demand that they explain to your satisfaction why they released your personal banking records without your permission. If they cannot explain it (other than saying "the subpoena ordered us to"), you should consider taking your businsess to another bank. I believe they had a duty to contest the subpoena, or at least to alert you, so that you could have done so.
An administrative subpoena should only be issued when an administrative case is in progress and you have notice and opportunity to seek to quash the subpoena before it is served. What has happened here appears to be a violation of your rights under the Fourteenth Amendment and there may be redress under Federal statutes.
I have searched Title 58 of the South Dakota statutes (Insurance) and don't see the procedure for administrative subpoenas. If you have not aleady done so, you should get a copy of the subpoena (the bank shoulld have it).
I am "speakng" in generalities.
One would have to look at the particular rules and regulations in particular, of course.
No, I haven't, but this kind of thing doesn't come up too often.
I would now, if I were you, start the "I want to talk to your boss" routine, agaiinst both the bank and the state agency.