First Bank & Trust in Pipestone, with $172 million in assets, is a commercial bank chartered in Pipestone, Minnesota. Measured in terms of a continued, unchanged charter, First Bank & Trust is the oldest financial institution in Pipestone County.
The national charter was issued on February 25, 1889 and was the first national bank charter granted in Pipestone County. The history can be traced back to July 21, 1885, when founders, W. G. Stoner and Charles Mylius, opened a private bank in Pipestone, where Mylius served as the first president. Mylius conceived the idea of combining a new bank with a new hotel, and the result was the building of the present Calumet Hotel. The bank occupied the northeast corner of the hotel. Newspaper accounts of the period say the organizers were first planning a state charter for the bank, but the newspaper reported that the organizers had a "larger enterprise in the view." Mylius and several stockholders instead arranged for a national charter, and the bank was known as First National Bank in Pipestone through 2009. Then the bank changed its name to First Bank & Trust, effective January 1, 2010.
First Bank & Trust has successfully withstood many economic upheavals, including the panics of 1893 and 1907, inflation and deflation following World War I, the Great Depression, and the hard economic times of the mid 1980s. The bank has continued and grown, crediting much of its success to the following of many loyal customers.
Our growth over the years gives proof to the citizens of our community that when you grow, we grow. We thank all of you for the privilege to serve. This service ensures the continuation of a community with goods, services and people for a strong, vital economy.
First Bank & Trust (First National Bank in Pipestone at the time) was acquired in 1999 by Fishback Financial Corporation, a $1.6 billion multi-bank holding company located in Brookings, South Dakota. Fishback Financial is a family-owned, community bank and shows pride in meeting the needs of customers with the same commitment to service since 1925.