FIRST STATE BANK

First State Bank was established in 1906 under the original name The First National Bank of Ethan. Over its history, the institution underwent several significant changes. On August 16, 1937, it changed its name to First National Bank in Armour and relocated its main office to Main Street in Armour, South Dakota. In 1960, the bank transitioned to a state-chartered bank, withdrawing from membership in the Federal Reserve System and changing its primary federal regulatory agency to the Federal Deposit Insurance Corporation (FDIC). It further rebranded as First State Bank on November 23, 1965. Subsequently, on September 5, 1986, First State Bank acquired Dakota State Bank, located in Tripp, South Dakota. The main office moved again on September 30, 1989, to a new location on Main Street in Armour, South Dakota. After several decades of operation, First State Bank merged with BankWest, Inc. on July 1, 2016, becoming part of the banking institution based in Pierre, South Dakota.

Below is a list of some important events in banks history, including mergers and acquisitions.

DATEEVENT

1906-01-01Institution established. Original name: The First National Bank of Ethan.

1937-08-16Changed Institution Name to First National Bank in Armour.

1937-08-16Main Office moved to Main Street, Armour, SD 57313.

1960-01-01Institution withdraws from membership in the Federal Reserve System.

1960-01-01Changed Chartering Agency to State.

1960-01-01Changed Bank Class to State Chartered Bank, not member of the Federal Reserve System (FRS).

1960-01-01Changed Primary Federal Regulatory Agency to FDIC.

1965-11-23Changed Institution Name to First State Bank.

1986-09-05Acquired Dakota State Bank, of Tripp, South Dakota in Tripp, SD.

1989-09-30Main Office moved to Main Street, Armour, SD 57313.

2010-06-01Main Office moved to 703 Main Street, Armour, SD 57313.

2016-07-01Merged and became part of BankWest, Inc. in Pierre, SD.