March 30, 2018

Huron-based American Bank & Trust is acquiring Farmers State Bank, which has locations in Carthage, Iroquois and Stickney.

“This is a good deal for our customers, employees and shareholders,” said Gregory Bormann, president and CEO of Farmers 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.”

Farmers State Bank branches in Canton and Parkston are part of a different entity and are not part of the sale.

With the acquisition, American Bank & Trust will exceed $800 million in assets and 145 employees. It’s 126 years old and originally was chartered in Alpena. The bank has been owned by the Steel family from the Wolsey and Huron area since 1972.

“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.”

Farmers State Bank customers will be able to access more than 90,000 surcharge-free ATMs, trust and wealth management services and additional technology, he said.

The transaction is pending regulatory approval and is expected to close in the second quarter.