Bank will convert to state charter First National Bank in Vermillion along with offices in Brookings and Garretson will be converting to a state charter upon regulatory approval by the South Dakota Division of Banking. This change from a national Charter will increase efficiencies and reduce costs.
Approval is expected in November with a planned conversion date of Dec. 1. Although the conversion will be largely transparent to the bank's customers, it will involve a name change to First Bank and Trust.
First National Bank has operated under a national charter for 79 years as a family-owned bank originating in Brookings. For three generations, the Fishback family has owned and managed the operations of the bank with Robert Fishback, board chairman, and Van Fishback, president, carrying on the family tradition.
The Vermillion office is located downtown at 20 East Main and has two ATM locations on Cherry Street. There are presently 12 employees in this office.