American Bank & Trust headquartered in Huron, has announced its acquisition of Farmers State Bank. Farmers State Bank has 3 locations in Stickney, Carthage, and Iroquois.
American Bank & Trust is a 126-year-old community bank that was chartered in Alpena in 1892. It is one of the longest continually operated banks in the State.
The bank has been owned by the Steele family from the Wolsey/Huron area since 1972 with Preston Steele of Huron serving as the current Chairman of the Board of Directors.
The transaction is pending regulatory approval and is expected to close in the second quarter of 2018.
American Bank & Trust has branch locations in Wessington Springs, Alpena, Mellette, Miller, Wolsey, Huron, De Smet, Pierre and Sioux Falls.
With this acquisition, American Bank & Trust will exceed $800 million in assets and 145 employees.