Farmers Security Bank is the only remaining bank from Washburn's three original banks. Farmers Security Bank organized in October, 1919. H.A. Fischer was chosen as cashier of the institution. Officers were Ole Holtan, president; Oscar S. Oberg, vice president and Hans A. Fischer, Cashier. With the approval of the state bank examiners, the Farmers Security Bank assumed the deposit liability and took over the assets of Washburn State Bank on February 1, 1931.
In 1938, with the consent and approval of the state bank examiners and the FDIC, the Farmers Security Bank acquired the bank building formerly occupied by the First State Bank of Turtle Lake, with Elmer Melby in charge of a fully authorized paying and receiving station.
The bank owes its beginning to Hans E. Fischer, who came to America at the age of 20, from his native Norway. He came to Washburn in 1911. In 1952 he became executive vice president. In 1961 Wayne Stroup of Garrison purchased the bank from Hans Fischer.
Farmers Security Bank has remained an independent bank with local ownership and is committed to the community it serves. Farmers Security Bank offers a full spectrum of financial services with YOU, the customer, in mind. The mission is clear - local decisions, community involvement and commitment to those we serve as a means of success for our customers and our community.