On February 25, 1889, First National Bank in Pipestone was issued the first national bank charter granted in Pipestone County. But its history can be traced back even further, 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.
First National Bank in Pipestone was acquired in 1999 by Fishback Financial Corporation (FFC), a $2 billion, privately held bank holding company located in Brookings, South Dakota. The bank’s name was changed to First Bank & Trust in 2010 in order to create synergies with FFC’s other 15 First Bank & Trust locations along the I-29 corridor.
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 and proving that when the community thrives, we all benefit.