United Farmers State Bank has a short history as it was just created on January 17th, 2014 with the merging of the Farmers State Bank of Adams and the Farmers State Bank of Elkton, both owned by Adams Bancshares Inc. United Farmers State Bank looks forward to filling its own pages of history but would like to share some history of its parent banks and how they came to be “United”.
United Farmers State Bank
United Farmers State Bank is a community bank with small town community values, and provides products and services that will meet your banking needs.
United Farmers State Bank was chartered on January 17, 2014 when its parent banks, Farmers State Bank of Adams and Farmers State Bank of Elkton joined forces. The officers are Timothy Schneider, President; Brian Wolff, Vice-President; Curt Sheely, Vice-President, Eric Lee, Vice-President; Mike Smith, Asst Vice-President, and Steve Leif, Asst. Vice-President.
The bank is a locally-owned and operated full service bank, as both its parent banks were. The bank opened with over $130 million in assets in January 2014, had a staff of 21 employees and served its customers from four locations. At the time the bank opened the main office was in Adams with branches in Elkton, Dexter and Rose Creek.
In October 2014, United Farmers State Bank closed the Elkton branch location. In a town of just over a 100 people and with three other locations, two of those an approximate five minute drive from the town of Elkton, the decision was made knowing the bank’s Elkton branch customers could still receive the service they needed with minimal impact. The three employees that were stationed at the Elkton branch relocated to the Dexter branch. Currently the Elkton branch structure is still owned by the United Farmers State Bank but sits empty as a Disaster Recovery Site if needed.
As of January 1, 2018, four years after the bank’s two parent banks united; at the time the bank employed 21 full-time employees between three locations, Adams, Dexter and Rose Creek, and had grown to over $147 million in assets. Connie Hoff who served as the bank’s President since merger retired on December 31, 2017; Connie continues to serve on the bank’s Board of Directors. After Connie’s retirement, Timothy Schneider was promoted to the bank’s President. In addition to Timothy’s promotion to President he also made a move from the Dexter location to the Adams location which is the bank’s main office.
On December 31, 2019 Michael Schneider, the bank’s CEO since merger, retired. Michael Schneider continues to serve on the bank’s Board of Directors. As of December 31, 2019 the bank’s assets were $160 million in assets with 20 full-time employees and 1 part-time employee. The bank continues to serve its community through three branch locations -Adams, Dexter and Rose Creek.
Farmers State Bank of Adams
Farmers State Bank of Adams was chartered on December 14, 1914 and opened its doors in April 1915. It started with $73,671.81 in assets and by its 25th Anniversary had grown to $600,000. That growth continued through the years; assets were more than $3 million when the bank celebrated its 50th Anniversary and in December 2013, just short of celebrating its 100th Anniversary the bank’s assets were at more than $80 million. The strength of its growth is due to the excellent farming community which surrounds the Adams and Rose Creek communities.
Farmers State Bank of Adams has been locally owned and operated since it opened its doors a 100 years ago. Three generations of Torgersons (A. Torgerson, N.V. Torgerson, and Vance Torgerson) acted as President of the bank until 1980 when Robert Hanson began serving as President. Gordon Klaudt became President in 1987 and was followed by Michael Finbraaten in 1999. The most recent President, Connie Hoff, began serving as President of Farmers State Bank of Adams in 2003.
Farmers State Bank of Adams was located in Adams, Minnesota in the original building where it opened its doors in 1915; however, the exterior and interior of the original building has seen several expansions and remodels over the years. The bank expanded its locations on February 21, 1989 when it purchased the State Bank of Rose Creek, giving the Farmers State Bank of Adams an additional location in Rose Creek, Minnesota. In 2012, the plan to expand its locations again began with the merger with the Farmers State Bank of Elkton. After close of business on January 17, 2014 the two banks merged into one, giving the bank additional locations in Elkton, Minnesota and Dexter, Minnesota. This expansion also called for a name change as this merger was not an acquisition of another bank but truly a merger of two strong, independent banks that saw an opportunity to better serve their communities by becoming united as one. The experienced staff, exceptional customer support and locations from both banks remain the same, but the name reflects the partnership; it is no longer Farmers State Bank of Adams or Farmers State Bank of Elkton, it is United Farmers State Bank.
Farmers State Bank of Elkton
Farmers State Bank of Elkton was chartered as a commercial bank on October 29, 1913. Banking operations began in Elkton, Minnesota, and continued thru January 17, 2014 serving the surrounding communities of central Mower County. The bank opened with just $3,500 in capital and had grown throughout the years. As it celebrated its 100th anniversary in 2013 the bank had assets of over $50 million.
Farmers State Bank of Elkton was an independent family-owned bank. It was in the Schneider family for four generations. J.F. (Hans) Schneider began his career at the bank in 1920 and his son Robert (Bob) Schneider started his career in 1950. Bob’s son, Michael (Mike) Schneider began his career with the bank in 1974 and was the most recent bank president. Mike’s son, Timothy (Tim) Schneider, joined the Farmers State Bank of Elkton in 2010. A tradition of strong and stable operations by the Schneider family helped Farmers State Bank of Elkton customers with all their banking needs.
Farmers State Bank of Elkton was located on Main Street in Elkton, where it opened in 1913. In 1978 the bank opened a branch in Dexter, Minnesota. A new facility to replace the branch was built in 2001 on the south edge of Dexter. After the close of business on January 17th, 2014, Farmers State Bank of Elkton merged with Farmers State Bank of Adams to become United Farmers State Bank. The Dexter and Elkton locations became branches of United Farmers State Bank and help serve our community’s needs with the same experienced staff.