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History of Farmers State Bank of Parkston

Farmers State Bank was founded July 19, 1919 in Beardsley, South Dakota. The original stockholders of the bank were: Fred G., Ernest, John, Ann and Anna Bormann who were all siblings. Their respective titles were President, Cashier and Vice President. The original capital stock issued was $15,000.00.

In 1933 the Bormann brothers moved the bank from Beardsley to Stickney, South Dakota, and increased the capital stock to $25,000.00. On December 11, 1954, Vern Bormann, who was the son of Fred G. Bormann, opened a bank in Parkston, South Dakota, and together with his father and brothers operated the two banks until 1959 when Fred G. Bormann along with his sons Marvin and Donald applied for and received a charter for the Stickney location. In that same year, Vern acquired the original Farmers State Bank charter and increased the capital stock to $75,000.00. The original officers of the Parkston location were Vern E. Bormann, President; Chris Schmidt, Vice President; Emanuel Litz, Vice President; and Marvin Bormann, Cashier. The original directors of Farmers State Bank, Parkston were Fred G. Bormann, Chairman of the Board, Vern E. Bormann, H.J. Schumaker, Chris Schmidt, Marvin F. Bormann, Emanuel Litz and Donald W. Bormann.

The first building that the Parkston office occupied was the old NuWay Cleaners building on Main Street. In 1960 the bank built a 50' by 88' brick facility on the building site that was formerly occupied by the K & K Store, which was gutted by fire.

In 1960, the new modern building operated a full service bank with an in-house insurance agency. At that time the bank had total assets of $3,162,832.66 and employed 11 people. Vern operated the bank until his death on July 19, 1992. Vern's son, Robert Bormann, who joined the bank in July of 1971, assumed the Presidential duties in August of 1992. In 2001, another one of Vern's sons, Scott Bormann, assumed the Presidential duties from his brother, Robert, who then became CEO and Chairman of the Board.

In 1997 the bank purchased the adjoining lot that was being used by the Farmers Home Administration and that building was demolished. In October of that year a complete remodeling and expansion project was started on Farmers State Bank.

Renovation was completed in August of 1998 and the bank doubled its physical size, while also adding a two-stall drive-up. At that time the bank employed 25 full-time staff people and one part-time person and had assets in excess of $96 million. The current officers and the year they joined the bank are:

In April of 2000, Farmers State Bank acquired substantially all of the assets and assumed the deposit liabilities of Farmers State Bank of Kaylor. Farmers State Bank of Kaylor was purchased from the William Billars, Sr. family, who had been serving the Kaylor area for more than seventy-five years.

History of Farmers State Bank of Kaylor

When the Kaylor State Bank failed in the 1920's, Frank Billars encouraged area farmers to get together and reorganize as the Farmers State Bank in Kaylor. The superintendent of Banking officially declared the Farmers State Bank open on September 12, 1924 with a capital of $15,000 and a surplus of $1,000.

The original Board of Directors were Frank Billars, Andrew Baltzer, Fred Magstadt, Gus Boettcher and John Schlechter. Frank Billars' son, William Billars, worked full time with Andrew Voll helping part time. The William Billars Insurance Agency was also run through the Farmers State Bank from 1925 to 1992.

The old bank building is located on the southwest corner of Kaylor Main Street. In the 1960's an addition was built on the west side of the structure. The interior was remodeled several times.

In 2000, when Kaylor became a branch of Farmers State Bank of Parkston, the board of directors were William Billars, Sr., Clara Billars, William R. Billars Jr., Edwin Ziegler and Keith Noe. Employees were William Billars Sr., William Billars Jr., Gladys Billars, Ed Rembold, Connie Carda and Teresa Bartlett.

In 2003, Farmers State Bank of Kaylor remodeled the old Country Store building, located directly north of the original bank building on Main Street. In January of 2004, Farmers State Bank of Kaylor officially moved into their new facility.

History of Fulton State Bank

In July of 2015, Fulton and their branch in Mitchell became branches of Farmers State Bank of Parkston.

Back in the 1920's a group of eight men decided to open a new bank. The Fulton State Bank was organized and chartered in 1924 in Fulton, South Dakota.

The shares of the bank were held by Julius Bertsch, Herman Blumenberg, Arnum Blumenberg, F.L. Colfix, Martin Blumenberg, E. Simmons and Chris Hellmers. Herman Blumenberg served as president and Julius Bertsch as cashier.

The Fulton Bank is still located in its original building which was remodeled in 1974-75. In order to diversify the bank's portfolio and meet the needs of its existing customer, the bank board decided to expand to Mitchell in 1994. The Fulton Bank building in Mitchell was expanded to add eight more offices in 2004.

The branch bank in Mitchell is the offspring of the deep roots that were established in Fulton since 1924. The presidents of the Fulton Bank have been as follows: Herman Blumenberg, 1924-1933; F.L. Colfix, 1933-1940; Arnum Blumenberg, 1940-1966; Martin Blumenberg, 1966-1972; Mrs. Julius (Effie) Bertsch, 1973-1985; Wayne Slade, 1986-1994; Rod Wolforth, 1994-1999; Wayne Slade, 1999-2004; and Fred Smith, 2004-2015. Martin and Arnum Blumenberg were sons of Herman Blumenberg. Julius Bertsch never served as president but was the cashier of the bank from 1924-1962. The cashier of the Fulton State Bank ran the day to day operations of the bank until 1985 while the presidents were among the main stockholders.

The Fulton State Bank withstood the Great Depression and several droughts because of small town banking and local decision making.