Question 1

What is United Farmers State Bank?

Accepted Answer

United Farmers State Bank is a locally owned and operated community bank serving central Mower County in southeastern Minnesota. With approximately $233 million in assets and three branch locations, the bank combines small-town community values with comprehensive banking services.

United Farmers State Bank specializes in serving agricultural communities, providing full-service banking to farmers, businesses, and individual customers throughout the Austin, Minnesota region. The bank is owned by Adams Bancshares Inc. and maintains its commitment to personalized service and local decision-making.

Question 2

When was United Farmers State Bank founded?

Accepted Answer

United Farmers State Bank was chartered on January 17, 2014, through the merger of two historic agricultural banks: Farmers State Bank of Adams and Farmers State Bank of Elkton, both owned by Adams Bancshares Inc.

Farmers State Bank of Adams was chartered on December 14, 1914, and opened its doors in April 1915 with $73,671.81 in assets. The bank was located in the original 1915 building in Adams, Minnesota, though the building underwent several expansions and remodels over its nearly 100-year history. On February 21, 1989, it expanded by purchasing the State Bank of Rose Creek, adding a second location.

Farmers State Bank of Elkton was chartered on October 29, 1913, as a commercial bank, opening with just $3,500 in capital. By its 100th anniversary in 2013, the bank had grown to over $50 million in assets. In 1978, the Elkton bank opened a branch in Dexter, Minnesota, which was replaced with a new facility in 2001.

The merger was not an acquisition but a true partnership of two strong, independent banks that saw an opportunity to better serve their communities by becoming united. At formation, United Farmers State Bank opened with over $130 million in assets, 21 employees, and four locations.

Question 3

Where is United Farmers State Bank headquartered?

Accepted Answer

United Farmers State Bank is headquartered in Adams, Minnesota, in Mower County. The main office is located at 15 4th Street SW in Adams, continuing the banking tradition established at that location since 1915.

Question 4

Where does United Farmers State Bank operate?

Accepted Answer

United Farmers State Bank operates three full-service locations throughout central Mower County in the Austin, Minnesota metropolitan statistical area. The bank serves customers in Adams (main office), Elkton, and Dexter.

The bank's service area encompasses the agricultural communities and small towns of central Mower County, with a focus on serving the farming communities that surround Adams and the Rose Creek area.

Question 5

What services does United Farmers State Bank offer?

Accepted Answer

United Farmers State Bank provides comprehensive personal and business banking services designed to meet community needs. Personal banking services include checking accounts, savings accounts, certificates of deposit, and residential mortgage loans.

The bank specializes in agricultural lending, offering operating loans, equipment financing, land loans, and lines of credit tailored to farming operations. Commercial banking services include business checking, business loans, and cash management solutions.

Digital banking capabilities include online banking with bill pay, mobile banking, electronic statements, and debit card services. The bank maintains its commitment to accessible, personalized service while providing modern banking technology.

Question 6

What makes United Farmers State Bank unique?

Accepted Answer

United Farmers State Bank represents the union of two century-old banking institutions with deep roots in Minnesota's agricultural heritage. The merger brought together three generations of leadership from the Adams bank, including the Torgerson family (A. Torgerson, N.V. Torgerson, and Vance Torgerson), who served as president until 1980, followed by successive presidents who maintained the bank's community focus through 2014.

The bank's name reflects its agricultural heritage and commitment to serving farming communities. With "United" emphasizing the equal partnership of the merger and "Farmers" honoring the agricultural focus that has defined both parent banks throughout their histories.

The experienced staff from both legacy institutions remained in place after the merger, ensuring continuity of relationships and local expertise. The bank maintains its locally owned and operated status, with all locations serving their communities with the same personalized attention that characterized the parent banks.

United Farmers State Bank's strength derives from the excellent farming communities surrounding its service areas, providing a stable economic base for continued growth and community development.

Question 7

What type of financial institution is United Farmers State Bank?

Accepted Answer

United Farmers State Bank is a State Chartered Bank, regulated by the State of Minnesota and the Federal Deposit Insurance Corporation (FDIC). As a state charter institution, it operates under Minnesota banking regulations and FDIC supervision.

The bank is a community bank focused on serving local agricultural and business communities with a relationship-based banking model. Its structure as a locally owned institution allows it to maintain independent decision-making authority and remain responsive to community needs.

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