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.
In January 2016 we completed a strategic merger with our sister banks, the Farmers & Merchants State Bank of Paynesville, and the Winthrop State Bank, two institutions that have served their own communities for more than 100 years. This merger is a sign of our commitment to our present and future customers, as it creates a stronger bank, with the added convenience of multiple branches, and enhanced products and services. It is our goal to maintain a sound institution of high integrity with a friendly, professional staff that is responsive to the changing needs of the community.
Darwin Bank History
In 1914, twelve local businessman bought shares of bank stock and raised enough money to start Farmers State Bank. 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.
Following the death of his father in 1992, Mark Johnson became president of Farmers State Bank. Mark shared his father’s philosophy by continuing to serve Darwin and the surrounding communities. “People come from outside to get the personal service,” Mark said. “You’re not just a number here, we know you by name. You will always find a real person when you call the Darwin bank.”
The bank expanded its service to the community with the opening of the Dassel Branch in early 2008, bringing its excellent financial services and small bank personal service to the Dassel area.
With the recent name change and merger, Perennial Bank looks ahead towards a solid future. The tradition of personal and small town friendliness will continue at Perennial Bank. “This is a people business, we know our customers when they come through the door.”
Paynesville Branch History
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. The bank had no electricity at the time and used shoe boxes in place of safe deposit boxes for as long as it was there. 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. A drive up window was installed, which was the very first one for Paynesville. In 1984 the bank was sold to Neil Johnson, and is still owned by the Johnson family to this day. In January 2016, Farmers & Merchants State Bank merged with 3 other locations to form Perennial Bank.
Winthrop Branch History
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. Under the leadership of this honest, hardworking group, the bank did very well.
During the mid 1950’s, W.C. Ilstrup began purchasing stock and became the controlling shareholder. Mr Ilstrup also had banking interests in Darwin and Dassel.
In 1968 Mr. Ilstrup sold his controlling interest to Neil Johnson. Mr. Johnson later formed Darwin Bancshares as owner of Winthrop State Bank.
In 2003 additional land was purchased and a new drive thru teller lane was constructed along with major interior and exterior renovations. This project was completed in time for our 100th Anniversary on October 12, 2003. In January 2016, Winthrop State Bank merged with three other locations under common ownership to form Perennial Bank. Darwin Banchares continues ownership of Perennial Bank.
We are so grateful for all of our customers and cannot wait to continue to serve you for many years to come!