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 locally owned and operated bank holding company, located in Brookings, South Dakota.
Community State Bank opened a branch office in Milbank in May 1995. In 1998, the bank's charter was moved to Milbank, and in 2003 a new facility was constructed at the corner of Highway 12 and Highway 15.
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). First Bank & Trust continues to hold the only bank charter in Grant County. Being truly a community bank, First Bank & Trust has incurred a strong growth trend. Since First Bank & Trust's origination in 1986, the bank has grown from its original size of $6.7 million, to over $100 million today.