Farmers Trust and Savings Bank, Lake Mills Branch

Iowa, Winnebago County, Lake Mills
105 North Lake Street 50450, IA
Phone 641-592-2660
Hours Monday: 09:30 - 15:00
Tuesday: 09:30 - 15:00
Wednesday: 09:30 - 15:00
Thursday: 09:30 - 15:00
Friday: 09:30 - 17:00

Banks near Farmers Trust and Savings Bank, Lake Mills Branch

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Farmers Trust and Savings Bank

EstablishedJan 1914
Number of domestic offices5
Agriculture bank

About Farmers Trust and Savings Bank

The Farmers Trust and Savings Bank in Buffalo Center was organized and incorporated in 1914. The bank building was located at 125 North Main Street, the same address that had been occupied by several other banks in the town's early days.

The Great Depression of the 1920s and 1930s caused many banks in Iowa and across the county to fail and First National Bank of Buffalo Center was one that did not survive. Farmers Trust and Savings Bank purchased their bank building and the business was moved across the street to 201 Main Street in 1935.

The Depression also caused both of the banks in Lakota to fail, leaving the community without a bank. Farmers Trust and Savings Bank opened an office there in 1935. Construction of a new building in Buffalo Center was completed in the spring of 1971 at 101 North Main Street, where the home office is currently located. In February 1992, the bank purchased the Home Federal Savings & Loan office in Britt from the regulators. It was the first expansion of the bank in 58 years. The bank received approval in March 1998 to open a bank office in Lake Mills. A temporary loan production office was opened in October 1998 while the bank building was being constructed. The new bank opened in February 1999.

In February 2002, the bank purchased the Gateway Savings Bank office in Lake Mills and merged it with its existing office. In April 2012, the bank purchased the State Bank of Bricelyn, MN. The bank had been owned by the Flo family for over 100 years.

To this day, Farmers Trust and Savings Bank remains primarily an agricultural bank in rural north central Iowa and south central Minnesota. After one year of business, the bank's capital account totaled $28,868 with total assets of $249,800. Today, capital exceeds $23,000,000 with total assets of $225,000,000.

Buffalo Center
101 N Main Street
P.O. Box 507
Buffalo Center, IA 50424
Phone: 641-562-2696
Fax: 641-562-2903

201 3rd Street
Lakota, IA 50451
Phone: 515-886-2242
Fax: 515-886-2561

202 Main Ave N
Britt, IA 50423
Phone: 641-843-4455
Fax: 641-843-3233

Lake Mills
105 N Lake St
Lake Mills, IA 50450
Phone: 641-592-2660
Fax: 641-592-2668

219 N Main St
Bricelyn, MN 56014
Phone: 507-653-4100
Fax: 507-653-4401

Financial information

Total assets$253M
Net income$3M
Net income, quarterly$1M
Total deposits$203M
Domestic deposits$203M
Equity capital$28M
ROAQ, quarterly1.76%
ROA, pretax1.76%
ROAQ, quarterly, pretax1.84%
ROEQ, quarterly15.87%
UpdatedFeb 08, 2018

Terms and Definitions

  • Domestic deposits
    The sum of all domestic deposits, including demand deposits, money market deposits and time deposits.
  • Equity capital
    Total equity capital (includes preferred and common stock, surplus and undivided profits).
  • ROA
    Return on assets, net income after taxes and extraordinary items (annualized) as a percent of average total assets.
  • ROE
    Return on equity, annualized net income as a percent of average equity on a consolidated basis.