Question 1

What is Peoples State Bank of Fairmount?

Accepted Answer

Peoples State Bank of Fairmount is a community-focused commercial bank with a state charter, specializing in agricultural banking services. With approximately $36.9 million in total assets and $34.1 million in deposits as of 2024, the bank serves rural communities in southeastern North Dakota.

The institution operates as a subsidiary of Dakotah Bankshares Inc and maintains a strong focus on serving farmers, agricultural businesses, and local residents in the Wahpeton, ND-MN Core Based Statistical Area. As an FDIC-insured institution, Peoples State Bank combines traditional community banking values with modern financial services.

Question 2

When was Peoples State Bank of Fairmount founded?

Accepted Answer

Peoples State Bank was originally chartered in 1895 as the Bank of Fairmount by a group of business and professional trade organization members in Fairmount, North Dakota. One of the founding stockholders was Bartholomew Schouweiler, whose family would maintain a leadership role in the bank for generations.

During the Great Depression in the 1930s, the Bank of Fairmount merged with the First National Bank of Fairmount to strengthen its position during challenging economic times. In 1956, Earl W. Schouweiler, Sr., who served as president at the time, changed the institution's name to Peoples State Bank.

The bank has remained privately owned and operated by individual stockholders for over 125 years, with the majority being area residents involved in business and farming. Today, the bank is led by Bartholomew A. Schouweiler, a fourth-generation banker in the Schouweiler family.

Question 3

Where is Peoples State Bank of Fairmount headquartered?

Accepted Answer

Peoples State Bank of Fairmount is headquartered in Fairmount, North Dakota, a small community in Richland County. The main office is located at 201 Main Avenue in Fairmount.

Question 4

Where does Peoples State Bank of Fairmount operate?

Accepted Answer

The bank operates two full-service banking locations in southeastern North Dakota:

Fairmount Location: 201 Main Avenue, Fairmount, ND 58030

Wahpeton Location: 1900 North 11th Street, Wahpeton, ND 58075

Both locations serve Richland County and the surrounding agricultural communities in the Wahpeton, ND-MN metropolitan statistical area. The bank's geographic footprint reflects its commitment to serving the rural farming communities where it was established over a century ago.

Question 5

What services does Peoples State Bank of Fairmount offer?

Accepted Answer

Peoples State Bank provides a comprehensive range of banking services tailored to personal, business, and agricultural customers:

Personal Banking: Checking accounts, savings accounts, personal loans, and consumer lending services.

Business Banking: Business checking and savings accounts, business loans, and commercial lending solutions.

Agricultural Banking: Specialized agricultural accounts and agricultural loans designed specifically for farmers and ranching operations, reflecting the bank's agricultural specialization designation.

Digital Banking Services: Online banking platform accessible via computer, mobile banking app for iOS and Android devices, mobile check deposit, electronic statements (eStatements), online bill pay, account alerts, and cash management services.

The bank also offers calculators for financial planning and maintains a focus on cyber security to protect customer information.

Question 6

What makes Peoples State Bank of Fairmount unique?

Accepted Answer

Several distinctive features set Peoples State Bank of Fairmount apart from other financial institutions:

Agricultural Specialization: The bank holds an official agricultural specialization designation from the FDIC, reflecting its deep expertise in serving farming and ranching communities. This specialization enables the bank to understand the unique financial needs and seasonal cash flow patterns of agricultural operations.

Multigenerational Family Leadership: The Schouweiler family has provided leadership to the bank for four generations, spanning over 125 years. This continuity has enabled the bank to maintain strong relationships within the community and preserve its founding values.

Community Ownership: The bank remains privately owned by approximately ten individual stockholders, the majority of whom are area residents involved in business and farming. This local ownership structure ensures decision-making remains focused on community needs rather than distant corporate interests.

Longevity and Stability: With a history dating back to 1895, Peoples State Bank has weathered major economic challenges including the Great Depression, demonstrating remarkable resilience and commitment to its community.

Small-Scale Personal Service: With only seven employees and two locations, the bank maintains an intimate knowledge of its customers and their financial needs, offering personalized service that larger institutions cannot replicate.

Question 7

What type of financial institution is Peoples State Bank of Fairmount?

Accepted Answer

Peoples State Bank of Fairmount is a State Commercial Bank with Agricultural Specialization. As a state-chartered commercial bank, it operates under North Dakota state banking regulations and is supervised by the FDIC.

The agricultural specialization designation indicates that a significant portion of the bank's loan portfolio consists of agricultural loans to farmers and ranchers. This classification reflects the bank's strategic focus on serving the agricultural economy that dominates southeastern North Dakota.

Unlike national banks chartered by the Office of the Comptroller of the Currency (OCC), state banks are chartered by individual state banking departments, which can provide more flexibility to serve local market needs. Peoples State Bank is not a member of the Federal Reserve System, which is common among smaller community banks.

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