Farmers Savings Bank

Farmers Savings Bank was chartered on August 24, 1916 and was open for business September 14, 1916. A group of area farmers pooled their resources to start Farmers Savings Bank in Fostoria, Iowa. The bank was started on $15,000 with $6000 of that spent on a new building. The bank published its first financial statement eight months after opening with $78,000 on deposit. Farmers Savings Bank was one of two banks in Clay County Iowa to survive the great depression crisis without closing for a reorganization period. In 1962 a new facility was built to replace the first building, moving off of main street to the edge of town next to Highway 71. By that time, the bank had grown to 1,300,000 in deposits. The bank had grown to 12,000,000 in deposits and 15,000,000 in total assets in 1984. An additional and temporary location was opened in June 2002 in Milford. The permanent facility was constructed and in operation the 1st week of January 2004. Currently, Farmers Savings Bank, Fostoria - Milford has assets totaling over $100,000,000. Member FDIC, Equal Housing Lender.

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