Why First National Bank Minnesota
The History of Bancommunity Service Corporation (BSC)
Bancommunity Service Corporation (BSC) is a bank holding company organized under Minnesota law. Its subsidiary bank has offices in St. Peter, Mankato and Gaylord, doing business as First National Bank Minnesota. The holding company was formed May 26, 1983, and obtained a majority of the outstanding stock of The First National Bank of St. Peter on November 18, 1983. The holding company purchased one hundred percent of the common stock of Security Shares, Inc., the holding company that owned a majority of the stock of Security State Bank of Mankato, on January 16, 1990. The stock of BSC is not publicly traded; however, its market is generally made in and around the St. Peter and Mankato area by local residents. As of October 1, 2005, we merged our two bank charters into one. The surviving bank charter was the national charter in St. Peter that dates back to 1857. The name also changed to First National Bank Minnesota. Our primary geographic market covers a large area in south central Minnesota, including Nicollet, Blue Earth, Le Sueur and Sibley counties.
The History of First National Bank Minnesota
The Office of the Comptroller of Currency approved the merger of our two existing banks: Security State Bank of Mankato and The First National Bank of St. Peter in July of 2005. Also, as a part of this merger approval a new bank name was born. All of our banking entities following the merger will do business under the name of First National Bank Minnesota. The surviving bank charter is our original national banking charter issued in 1857 to The First National Bank of St. Peter. The only item that has changed with this charter is our bank name. As a part of the merger process, Security State Bank of Mankato and Security Shares, Inc. names were eliminated. Our strategy moving forward is to continue to maintain a well-diversified balance sheet with a focus on individuals, small and mid-size businesses, non-profit institutions, and government entities.
The History of The First National Bank of St. Peter
In 1857, The First National Bank of St. Peter was first known as the Bank of Edgerton, Smith, and Donahower. When Smith sold his interest to Mr. Martin, the firm changed its name to Bank of Edgerton, Donahower, and Company. From the spring of 1860 until the time the national charter was awarded in 1871, the firm was known as Bank of Edgerton and Donahower. The bank has done business under its present name of The First National Bank of St. Peter since May 1, 1871. From 1887 to 1965, the bank was located at the corner of Minnesota Avenue and Nassau Street in a distinguished building with Federal style architecture. The bank moved to its present location in 1965, and expansion of the existing building was needed in 1983 to accommodate the growth and development of the bank. In 1995 the bank acquired the branch in Gaylord.
The History of Security State Bank of Mankato
Security State Bank of Mankato was originally chartered in 1913 as The Farmer’s State Bank of Rapidan, Minnesota. On November 10, 1970, the Commissioner of Banks for the State of Minnesota granted a transfer of the charter to Mankato, Minnesota and a name change to Security State Bank of Mankato, Minnesota.
An office site was leased during the interim between the initial move to Mankato in 1970 and construction of the present bank building in 1972. The existing building was expanded in 1981, and in September 2000, the adjacent Security Office Building was acquired to accommodate growth. A final expansion of the bank building was completed in 2008.
Security Shares, Inc., a one bank holding company was formed on March 24, 1984 and acquired majority ownership of Security State Bank of Mankato. Bancommunity Service Corporation, a multiple bank holding company located in St. Peter, Minnesota acquired Security Shares, Inc. and its subsidiary bank Security State Bank of Mankato on January 16, 1990. The Bank has flourished under the management of Bancommunity Service Corporation.
Bancommunity Service Corporation (BSC) is a financial service holding company headquartered in St. Peter, Minnesota, with banking offices in St. Peter, Gaylord, and Mankato. Our primary geographic market covers a large area in south central Minnesota, including Nicollet, Blue Earth, LeSueur, and Sibley counties.
Through the three banking offices, we serve nonprofit organizations, businesses, agriculture, and individuals with a combination of responsive, personal service, and high-quality products. Our aim is to remain one of the area’s most successful and respected financial organizations by creating and maintaining mutually beneficial relationships with our customers, shareholders, employees, and communities.
As a locally owned corporation, we are dependent upon the communities we serve for our growth and profitability. The holding company, its banks, its management, and its staff are committed to supporting our neighbors and businesses with the financial products and services they need. In the process, we will adhere to fair employment and business practices, invest in the professional growth of our staffs, reinvest customer deposits locally, and contribute both time and money to community causes.
BSC Mission Statement
The mission of Bancommunity Service Corporation is to guide, direct, and grow its subsidiary bank to operate in a profitable, professional, and efficient manner to enhance shareholder value and to provide excellent service to our customers, concentrating in our trade area.
FNBMN Mission Statement
We always put you FIRST!
We appreciate the effort our employees put forth to serve our company and our communities. They are actively involved, skilled, and motivated workers who dedicate their time to worthy causes in and around our communities. They use their knowledge and expertise to benefit the areas we live in.
First National Bank Minnesota recognizes and appreciates the value of employees volunteering time to make a difference and being a positive contribution to society.
We always put you FIRST!
At First National Bank Minnesota we believe in strengthening communities by contributing in a variety of ways from creating opportunities for our neighbors to volunteering time to make a difference. We’re proud to be involved and care about our communities. Look for us as we enjoy participating in functions such as:
- Back to School promotion that gathers school supplies for those families with limited resources
- Financial support for many civic and non-profit events
- Money Beez Club helping to build good savings habits for children
- Volunteers at local events and fundraisers
- Members of and leaders in several local organizations
“My friend referred me to First National Bank back in 1959. I keep coming back because of the good service, the kindness and the polite staff. It’s a great place to do banking. Good job First National Bank Minnesota!” – Long Term St. Peter Customer
“I’ve been banking at First National Bank Minnesota for a few years now. I love the online banking and bill pay option. It’s very convenient because I’m on the go a lot” – Jim G.