The story of First State Bank Southwest begins with two other banks. Rushmore State Bank was organized on May 3, 1903 in Rushmore, Minnesota, with capital of $20,000. There was also a First National Bank, which organized on May 14, 1903 in Rushmore. The two banks operated individually until June 19, 1926, when they decided to consolidate under a state charter and the name was changed to the First State Bank of Rushmore.
The bank withstood many tough financial crises that took other banks down. During the great depression, First State Bank of Rushmore remained solvent when many neighboring banks closed. While the Farm Crisis of the 1980s caused many banks to call in their farm loans or refuse additional credit, First State Bank of Rushmore stood behind their farm customers...just like it still does today.
A branch office was opened in Worthington, Minnesota in January 1984. Due to excellent growth, the building was remodeled several times, but eventually a larger facility was needed. It was decided to build a new bank at a new location at 1433 Oxford Street in Worthington.
In October 1999, an office was opened in Pipestone, Minnesota. The charter was moved to Pipestone, thus constituting the need to change the name. Effective October 11, 1999, we became the First State Bank of Pipestone, Rushmore, and Worthington.
On January 26th, 2000, we opened another office in Worthington. To reflect the bank's rapidly growing presence in southwest Minnesota, the name was changed to First State Bank Southwest in May 2001. First State Bank Southwest has since opened new offices in Edgerton and Leota as well.
Alvin D. Kooiman served as President from January 1996 through December 2010. Greg Raymo became the President on January 1, 2011 and now also serves as CEO/ Chairman of the Board. Current members of the Board of Directors are Alvin D. Kooiman, Brian Larsen, Jeff Pronk, Greg Raymo, Ronald Schaap, Mark Shepherd and Erlin Weness. Total assets as of December 31, 2015 are $265,127,289.00