American Bank & Trust, Huron, S.D., will acquire Farmers State Bank, with locations in Stickney, Carthage and Iroquois. American Bank & Trust has branch locations in Wessington Springs, Alpena, Mellette, Miller, Wolsey, Huron, De Smet, Pierre and Sioux Falls.
American Bank & Trust is a 126-year-old community bank that was chartered in Alpena, S.D., in 1892 and is one of the longest continually operated banks in the state. It has been owned by the Steele family from the Wolsey/Huron area since 1972; Preston Steele from Huron is the bank’s chairman.
Once the deal is complete, American Bank & Trust will exceed $800 million in assets and 145 employees.
“We are pleased to have Farmers State Bank join our banking family,” said 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.”
“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.”
The transaction is pending regulatory approval and is expected to close in the second quarter of 2018.