Our History: How We Began Providing Real Hometown Banking

November 23, 1912
The Farmers State Bank of Monterey was incorporated by a group of local farmers and businessmen, led by F.S. Schwalen of Triumph, MN.  F.S Schwalen was the majority stockholder.

Original Incorporators
E.W. Mayer, Triumph Andrew H. Anderson, Monterey Ch. Mikosch, Alpha
P.J. Erickson, Monterey Emil Olson, Odin F.S. Schwalen, Triumph
A.J. Peterson, Monterey John A. Erickson, Monterey John Porisch, Alpha
M.S.A. Johnson, Monterey C.A. Johnson, Monterey Charles Swanson, Monterey
Olof Anderson, Sherburn John Palmberg, Monterey Carl Sjogren, Monterey

January 4, 1913

The first annual meeting was held.  F.S. Schwalen and M.S.A. Johnson served as the first President and Cashier, respectively.  At that time, and for many years, all records and accounts were hand-posted.

C.E. Landin was elected President and Alfred E. Peterson was elected Cashier; positions they held through 1930.

Alfred E. Peterson was elected Vice President.  Total holdings of $218,337.81 were reported.

March 4, 1933
In the depth of the Depression, the Federal Reserve Bank and the Governor of Minnesota declared a bank holiday, closing all banks in the State of Minnesota until further notice.  This "holiday" lasted one week, and some banks never re-opened.  Following this period, the Federal Reserve Act was amended to provide Federal Deposit Insurance.  Farmers State Bank of Monterey received its certificate, effective July 1, 1934, to insure deposits up to $5,000.00

Alfred Peterson was elected President upon the death of C.E. Landin, and Elmer Peterson was elected Vice President and Cashier.

Leslie Peterson was elected Assistant Cashier, less than 1 month after joining the bank staff.  Total assets of the bank were $1,398,798.00 and total capital was $99,169.00.

January 6, 1959
Farmers State Bank of Monterey changed its name to Farmers State Bank of Trimont, reflecting the consolidation of the twin villages of Triumph and Monterey.

Following the retirement of Walter Benson and Alfred Peterson, the bank came under the management of Leslie Peterson, President, and Darwin Anthony, Vice President (Darwin joined the bank in 1960).  Les and Darwin remain in these roles today.

February 1, 1989
Farmers State Bank of Trimont acquired First National Bank of Dunnell and opened its first branch office: Farmers State Bank of Trimont, Dunnell Facility.

100th Anniversary Celebration
On June 29, 2013, Farmers State Bank of Trimont had its 100th Anniversary Celebration.  All customers and area residents were invited to join us in Trimont from 2:00-5:00 pm.  Around 900 people attended the celebration.  Current (and some previous employees) along with their family members and the MCW FFA Shooting Sports team helped serve pork chops on a stick (grilled by Martin County Pork Producers) Schwan's ice cream treats, 1919 Root Beer, potato salad, apple slices with caramel sauce, and cupcakes.  Attendees received insulated grocery bags, pens, and color-changing cups.  The winners of the coloring contest and the customers with the closest guesses for the amount of money in the coin jars were announced.

The bank was under the leadership of Executive Vice President and CEO Michael Mulder (who joined the bank in 1982) and Vice President Robert Connors (who joined the bank in 1997).  Les & Darwin were at the bank regularly, participating in strategy and management decisions.  

January 13, 2015
Michael Mulder was elected as President.  Les Peterson continued to serve as Chairman of the Board of Directors, and Darwin remained Vice President.  Les retired from the bank after 53 years of service.  

April 29, 2016
Leslie Peterson was called to his eternal rest.  He is greatly missed.

“You are not here merely to make a living.
You are here in order to enable the world to live more amply,
with greater vision, with a finer spirit of hope and achievement.
You are here to enrich the world,
and you impoverish yourself if you forget the errand.” 
― Woodrow Wilson

May 17, 2016
Michael Mulder was elected as Chairman of the Board of Directors to succeed Leslie Peterson.

On April 27, Vice President Robert Connors retired from the Bank after 21 years of service.  On June 30, Vice President Darwin Anthony retired from the Bank after 58 years of service.  Both continue to serve as Directors, and the bank remains under the leadership of President Michael Mulder.

On August 19, 2019, the Bank completed a core software conversion, and began offering upgraded features and new services to customers.  The Bank upgraded the website, mobile app, Internet Banking, and began offering instant issue debit cards, BillPay, and mobile deposit.

With loyal community support, the bank has continued to grow and offer additional services.  Total holdings of the bank on December 31, 2022, were $82,826,817, with loans to the community of $46,950,354.

Our Future
The employees and directors of Farmers State Bank of Trimont look forward to continuing to serve Trimont, Dunnell, the surrounding areas, and our customers outside of those areas.  Near or far, we're your local community bank, providing real hometown banking with people you can trust and conveniences you'll love.