On December 20, 1919, the newly chartered Faribault State Bank opened for business in the Masonic Building at 228 Central Avenue. John W. Boock was elected its first president. The Statement of Condition listed $100,000 in total resources and $60,500 in capital.
The bank remained in that location until 1930 when the newly named Faribault State Bank and Trust Company acquired a vacant building at 229 Central Avenue. On September 26, 1938, John Carlander was elected president of the bank. In an interview, Mr. Carlander stated, “I am impressed with the beauty of this city and the progressive spirit of its people. I am pleased with the promising prospects of a bigger and better Faribault State Bank.”
In 1939 the bank surrendered its trust powers and became The State Bank of Faribault. Then, on June 1, 1959, following the construction of a new building, The State Bank of Faribault moved to its current location at 428 Central Avenue. Since then the bank has added six drive-up units, two ATM’s and four major additions to the building. In 1991, The State Bank of Faribault purchased a building at 202 Western Avenue near the Faribo West Mall. After extensive remodeling, the West Mall Branch Office opened for business on November 26, 1991. Bank customers have enjoyed the convenience of a second location ever since.
Throughout the years the bank has continued to expand progressively in size as well as in technology. Bank services have been added such as X-Press 24 hour telephone banking, internet banking, online cash management, debit cards, credit cards, secondary market mortgage lending and check imaging. Under the leadership and guidance of Chairman of the Board, Richard J. Carlander and President, John R. Carlander, assets of the bank have grown to over $170 million.
The State Bank of Faribault continues to be a strong, stable and independent locally-owned bank. We have taken an active leadership and support role in hundreds of community service projects. We are growing and are prepared to remain an active leader in our community for years to come.
Stop in for a tour.
We would love to show you the remodeling of the former Ochs and Woolworth buildings. We take pride in historical downtown Faribault.