fedgazette

A Chronology of Banking in Lyon County

Appendix 1: Banks in 1916

David S. Dahl - Regional Economist

Published October 1, 2000  |  October 2000 issue

Town/
Bank Name and Date Chartered
Subsequent Developments Current Status

Balaton:

First National Bank - Chartered 1903

First State Bank - Chartered 1901

By 1924 the two existing banks were dissolved, and in 1924 Farmers and Merchants State Bank was chartered. In the 1990s the bank was renamed 21st Century Bank and opened a branch in Tracy. In 1999 the Balaton office the 21st Century Bank was acquired by the First Independent Bank, Russell.

Cottonwood:

Cottonwood State Bank - Chartered 1897

First National Bank - Chartered 1892

In the late 1920s or early 1930s the existing banks were dissolved and the Empire State Bank was established. Empire State Bank is now United Southwest Bank with branches in Hanley Falls, Marshall and Vesta.

Ghent:

First State Bank - Chartered 1908

Farmers State Bank - Chartered 1916

In 1922 the two Ghent banks merged and became First & Farmers State Bank. By 1933 it was closed.  

Lynd:

Lynd State Bank - Chartered 1910

In either 1926 or 1927 the Lynd State Bank was closed.  

Marshall:

First National Bank - Chartered 1891

Lyon County National Bank - Chartered 1891

Marshall State Bank - Chartered 1909

In either 1926 or 1927, the Lyon County National Bank was closed.

In 1931 the First National Bank affiliated with Northwest Bancorporation and became First Northwestern National Bank

Between 1927 and 1933 Marshall State Bank was closed.

In 1935 Western State Bank was chartered with support from Otto Bremer. In 1943 it became part of Otto Bremer Co.

First Northwestern National Bank is now Norwest Bank Minnesota Southwest, N.A. with its main office and a branch in Marshall and another branch in Worthington.

Western State Bank is now Bremer Bank, N.A. with a branch in Redwood Falls. It is an affiliate of the Bremer Financial Corp. The following banks have branches in Marshall: Community First National Bank, Fergus Falls; First Independent Bank, Russell; Minnesota Valley National Bank, Redwood Falls; United Prairie Bank-Slayton; and United Southwest Bank, Cotton.

Minneota:

Farmers & Merchants National Bank - Chartered 1903

First National Bank - Chartered 1902

Between 1927 and 1933 the First National Bank was closed. Farmer & Merchants National Bank affiliated with First Bank Stock Corp. In 1937 it became the Farmers and Merchants State Bank, and in the early 1970s changed its name to First State Bank. In 1987, bank's main office was moved to Marshall, and a branch remained in Minneota. Community First National Bank of Fergus Falls has a branch in Minneota

Russell:

Farmers State Bank - Chartered 1914

First State Bank - Chartered 1903

In 1922 the Farmers State Bank and First State Bank merged into the Farmers and Merchants State Bank. In 1931 it was reorganized into the New Farmers and Merchants State Bank. In the mid-1940s was renamed Farmers State Bank, its original name. The Farmers State Bank is now the First Independent Bank with branches in Balaton and Marshall. The First Independent Bank is an affiliate of Finlayson Banchares, Inc. Finlayson.

Taunton:

State Bank of Taunton - Chartered 1905

  The State Bank of Taunton continues in operation.

Tracy:

Citizens State Bank - Chartered 1904

First National Bank - Chartered 1891

Tracy State Bank - Chartered 1905

In 1923 or 1924 the Citizens State Bank closed.

Between 1927 and 1933 the First National Bank was closed.

In 1918 the Citizens State Bank changed its name to Farmers and Merchants State Bank. In 1931 it was affiliated with Northwest Bancorporation, and in the late 1960s changed its name to Northwestern State Bank. In 1987 Minnesota Valley Bancshares acquired it, and renamed it Tracy State Bank, its original name.

The Tracy State Bank continues in operation with two branches in Tracy. The Tracy State Bank is an affiliate of Minnwest Corp., Minnetonka.

The 21st Century Bank, Rogers has a branch in Tracy.


Return to: Growing Deposits and Loans on the Prairie Eighty-five Years of Banking in Lyon County

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