In March of 1986 a group of local visionary citizens set out to meet the area's financial needs by proposing that a new locally owned and operated banking institution be established. That vision became a reality when the Community State Bank of Stockholm opened for business. In December 1994 Community State Bank's ownership was transferred to the Fishback Financial Corporation, a privately-held bank holding company, located in Brookings, South Dakota.
Community State Bank was joined by a Milbank location in May 1995, which was moved into its newly constructed facility at the corner of Highway 12 and Highway 15 in Milbank in 2003.
In September of 2006, Community State Bank changed its name to First Bank & Trust and its logo to a green #1. The changes were made to facilitate a synergy with the other banks owned by Fishback Financial Corporation and to promote the bank's newly acquired trust services.
In January of 2007, First Bank & Trust acquired a branch in Toronto, South Dakota (the former BankFirst). A strong community bank, First Bank & Trust has had a long trend of growth. Since First Bank & Trust's origination in 1986, the bank has grown from its original size of $6.7 million to over $150 million in total assets today.