April 2018 - American Bank & Trust headquartered in Huron, SD announces its acquisition of Farmers State Bank. Farmers State Bank has 3 locations in Stickney, Carthage and Iroquois, South Dakota. Both community banks are leaders in Agribusiness lending in South Dakota.
American Bank & Trust is a 126 year old community bank that was chartered in Alpena, South Dakota in 1892 and is one of the longest continually operated banks in the State. The bank has been owned by the Steele family from the Wolsey/Huron area since 1972 with Preston Steele from Huron as the current Chairman of the Board of Directors.
“This is a good deal for our customers, employees and shareholders,” says Gregory F. Bormann, President and CEO of Farmer’s State Bank. “We share the same community banking values and are both deeply entrenched in South Dakota agriculture. We look forward to adding new products, services and technology for our customers as we move forward.”
"We are pleased to have Farmers State Bank join our banking family,” explains Doug Tribble, President and CEO of American Bank & Trust. “Agribusiness is at the core of both organizations, so this acquisition becomes a good fit strategically and geographically for both banks. We look forward to providing the Farmers State Bank customers with more South Dakota banking locations to conduct their business, over 90,000 surcharge free ATM’s, Trust and Wealth Management services and enhanced technology products as we move forward together. As community banks, both organizations have a strong commitment to their customers and communities,” adds Tribble.
The transaction is pending regulatory approval and is expected to close in the second quarter of 2018.
American Bank & Trust focuses on being a strong, well-managed, growing, innovative community bank with high integrity and an excellent reputation. Locally owned and managed, the bank has branch locations in Wessington Springs, Alpena, Mellette, Miller, Wolsey, Huron, De Smet, Pierre and Sioux Falls. With this acquisition, American Bank & Trust will exceed $800 million in assets and 145 employees.