The History of Bancommunity Service Corporation (BSC)
Bancommunity Service Corporation (BSC) was formed May 26, 1983, and obtained the majority of outstanding stocks of The First National Bank of St. Peter (FNB) on November 18, 1983. After acquiring Security Shares, Inc. (SSI), BSC defined as a multi-tiered holding company for tax purposes is organized as a C corporation.
BSC is a bank holding company organized under the laws of Minnesota. The Corporation, through its bank subsidiaries, FNB and SSB, engaged in general commercial banking. On January 16, 1990, BSC purchased 100% of the common stock of SSI.
BSC, effective October 1, 2005, owns the merged banking entity of First National Bank Minnesota (FNB MN) which was merged effective that date. With this merger, the assets and liabilities of Security State Bank of Mankato were consolidated into the First National Bank of St. Peter. The mid-tier holding company of SSI has also been consolidated and is no longer in existence.
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. Upon consolidation the combined assets were $215,000,000 with a new lending limit of approximately $3.2 million. 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. 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 banks 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.
FNB MN Mission Statement
We always put you FIRST!