First State Bank Minnesota was established in 1893, with the foresight of 9 men from the area. One of the men, John Frank became the first president of First State Bank Minnesota. The current bank building was built in 1914 by the firm Purcell and Elmslie and is in the National Register of Historic places. When built, the original bank building was the smallest and most inexpensive bank building built by Purcell and Elmslie, costing only $10,000.
In 1993, the bank expanded into a neighboring building which made the bank roughly twice the size, This added space for offices to be built, and also enlarged the lobby and waiting areas. The front entrance to the bank was also moved to the entrance of the neighboring building. The original entrance is not functional anymore, but is still intact in the front of the building. Also, in 1993 First State Bank Minnesota added a branch in Spring Valley, MN. A new building was built in Spring Valley and opened for business in 2002.