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| Additional information |
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| Merchants State Bank |
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Overview:
Our mission is to provide high quality financial services to the communities we serve and to promote economic growth and stability within those communities, while earning a reasonable profit. This will facilitate future bank growth, an attractive compensation and benefit package for our employees, and increase value to our stockholders. We will maintain safety and soundness and remain an independent bank.
WE COMMIT TO:
* Maintaining safety and soundness in our bank;
* Selecting, training, and retaining professional employees and providing an environment where they will feel motivated to achieve outstanding performance and in which they can obtain a sense of personal worth, growth, achievement and recognition;
* Supporting the continued growth and development of all segments of our communities;
* Achieving and maintaining good asset quality; and
* Communicating openly and ethically with our employees, directors, shareholders, customers, and regulators.
The foundation of our personal and business practices includes:
* Honesty, Integrity, and Courtesy
* Professionalism and Confidentiality
* Responsible Corporate Citizen |
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History:
Merchants State Bank was founded August 8, 1899. The original location was where Mane Attraction is currently located in Freeman. Due to the failure of a correspondent bank and the loss of the bank's deposits with that bank, Merchants State Bank was forced to close briefly in 1930. It reopened within three months, after the shareholders invested additional capital and repaid depositors.
In 1913, a new structure was erected on Freeman's Main Street, which served the bank until 1979, when a more modern building (the south portion of the current building) was built to accommodate growth. That growth was realized, and in 1999, our most recent addition was completed as we celebrated our 100th Anniversary.
In 1968, Harris L. Hofer bought the bank from Jacob J. Wollman. At that time, the assets of the bank were $2 million. By 1988, the bank had grown to $24 million in assets, and we were able to purchase the assets of Hurley State Bank in Hurley, South Dakota. In April of 2000, an additional location was added in Viborg, South Dakota, and the asset size had increased to its current level of $103 million. We are pleased to be able to continue to serve our communities as a locally owned community bank for many years to come. |
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