About Us

family owned | locally managed | est. 1914

Perennial Bank is dedicated to nurturing the financial well-being of our customers and communities we serve.

As a family-owned bank, we provide personalized financial solutions across our four communities, built on trust, lasting relationships, and a genuine commitment to knowing and supporting our customers’ futures.

Convenient Locations

We have four convenient Minnesota locations. Visit us in Darwin, Dassel, Paynesville, and Winthrop!

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Our Team

We have the best team in the banking business. Meet our awesome team!

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Employment Opportunities

Want to be a part of our team? Check out our current openings!

our history

Perennial Bank (previously Farmers State Bank) has been serving the community for more than 100 years. Just as it was back then, (Farmers State Bank was one of the few banks that did not close during the Depression) it is still proving it’s leadership skills in the banking community. In what has been a tumultuous time for many banks, we continue to succeed and grow, maintaining our positive earnings and strong capital position, while reaffirming our 5 star rating for safety and soundness with Bauer Financial.

 

 

On the 12th of October, 1903, Commercial State Bank , Winthrop, MN was chartered by a group of local businessmen.  The name was changed to First National Bank in 1905 and then converted to Winthrop State Bank in 1936. Neil Johnson purchased the bank in 1968 and later formed Winthrop Bancshares as owner of Winthrop State Bank. 

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The history of the Paynesville branch began in Roscoe, MN on February 18th, 1907 when the First State Bank of Roscoe received its State Banking Charter.  In 1963, a group of businessmen from Paynesville purchased the First State Bank of Roscoe, renamed it Farmers & Merchants State Bank, and moved it into a remodeled chicken hatchery in downtown Paynesville. In 1984, the bank was sold to Neil Johnson, and is still owned by the Johnson family to this day. 

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In 1914, twelve local businessman bought shares of bank stock and raised enough money to start Farmers State Bank of Darwin. The President was J.E. Nelson, who obtained controlling interest of the bank. Mr. Nelson sold control of the bank to the Ilstrup family in the 1950’s. In that same year, Neil and Betty Johnson moved to Darwin and were employed by the bank. The Johnson family purchased the bank in 1970. 

The Dassel Branch was constructed in 2007, and is also now owned and managed by the Johnson family. 

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In January 2016, we completed a strategic merger, combining all four locations: Darwin, Dassel, Paynesville, and Winthrop and renaming them Perennial Bank.

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The Story Behind Our Name

Our name, Perennial Bank, defines our commitment: to be a steady, dependable partner deeply rooted in our local communities. Month after month, year after year, generation after generation, we strive to build lasting relationships by providing trusted, personalized service for all your financial needs.

Our Mission

Perennial Bank is dedicated to nurturing the financial well-being of our customers and communities we serve. As a family-owned bank, we provide personalized financial solutions across our four communities, built on trust, lasting relationships, and a genuine commitment to knowing and supporting our customers’ futures.

When you call, we answer.

Real People. Real Service. Every Time.

Call us today!