Farmers State Bank of Elkton was charted as a commercial bank on October 29, 1913. Banking operations began in Elkton, Minnesota, and continue today serving the surrounding communities of central Mower County. The bank opened with just $3,500 in capital and has grown throughout the years. Today the bank is a well-capitalized institution, positioned to help its customers with all of their banking needs.
Farmers State Bank of Elkton is an independent family-owned bank. It has been in the Schneider family for three generations. J.F. (Hans) Schneider began his career at the bank in 1920 and his son Robert (Bob) Schneider began his career in 1950. Bob’s son, Michael (Mike) Schneider began his career with the bank in 1974 and is currently the bank president. A tradition of strong and stable operations by the Schneider family has helped Farmers State Bank of Elkton customers with all their banking needs.
Farmers State Bank of Elkton is still located on Main Street in Elkton, where it began in 1913. There is also a branch facility in Dexter, Minn., which opened in 1978. A new facility was built on the south edge of Dexter in 2001. With these two locations, the bank is able to accommodate the needs of our customers.
A full line of products and services are offered by Farmers State Bank of Elkton to meet all our customers’ financial needs. Electronic banking services are key to operating in today’s world. Internet banking, 24/7 telephone banking, direct deposit and ATMs are useful tools that provide a convenient and efficient way to bank. Many changes are on the horizon in the banking industry and it is our mission to offer new products and services to meet our customers’ needs.
We appreciate the many years of loyal support our bank customers have given over the years. Farmers State Bank of Elkton would not be here today if members hadn’t invested their trust and capital along with the original founder’s capital. It’s that support that will continue to lead us as we strive to meet our customers’ financial needs into the bank’s next century of service.