Prior Lake State Bank


Prior Lake State Bank HistoryDecember 14, 1909 The first meeting of the Board of Directors of the Prior Lake State Bank was held at the Lyman Irwin Lumber Company in Prior Lake. M. J. Costello was elected Chairman of the board and President. The active manager of the bank elected was John Deegan as cashier.

December 22, 1909 The Bank received its Charter from the State of Minnesota. They purchased the building on Lot 1 Block 4 of the Village of Prior Lake for their office.

June, 1912 The first President, M. J. Costello died.

June 9, 1912 J. H. Cleary was elected as the new President.

December 31, 1924 Deposits of the Bank were $212,391.26.

March 14, 1933The Bank was reorganized under the provision of State law to assist banks in an emergency.

October 20, 1933 The Bank joined the FDIC (Federal Depository Insurance Corporation).

July 2, 1934 The Bank reduced the rate on 6 month CDs from 3% to 2.5%.

October 2, 1934 The Bank requested the permission to pay its depositors, under the reorganization plan, earlier than required.

January 10, 1935 James Costello was elected President of the Bank.

December 19, 1943 The deposits of the bank were $352,693.99.

June 15, 1944 Fred Groth was elected President, after the death of James Costello.

January 9, 1953 Patrick W. Cleary was elected President.

March 23, 1961 Deposits of the bank were $1,545,881.79.

June 1, 1961 The Bank moved to a new office on Main Street (site of the current Flowers Naturally).

January 1, 1964 Merlin Arndt was elected to the Board.

March 14, 1964 Rolland Thieling was elected to the Board.

March 14, 1964 Fred Hodsdon was elected President.

December 31, 1965 Deposits at the Bank totalled $2,328,000.

January 21, 1966 E. N. Barsness and Richard A Barsness were elected to the Board of Directors. E. N. Barsness was elected President.

December 31, 1970 Deposits at the Bank were $4,484,000.

December 31, 1975 Deposits were $9,856,000.

January 12, 1976 Robert n. Barsness was elected as a Director and Executive Vice President and Cashier.

March 21, 1979 Debra Holmes was elected to the Board of Directors.

July 1, 1979 The Bank moved to 16677 Duluth Ave SE, Prior Lake.

December 31, 1980 Deposits were $16,084,000.

January 1, 1984 Richard Barsness was elected Vice President.

September 3, 1985 The detached facility opened at the corner of Highway 13 and County Road 42.

December 31, 1985 Deposits at the Bank were $34,418,000.

November 26, 1989 E. N. Barsness who had been President for 23 years, 11 months (the longest of any President), passed away at the age of 78.

December 13, 1989 Robert N. Barsness was elected President and Chairman of the Board. Lois Barsness was elected Vice President and Director.

December 31, 1990 Deposits were $46,700,000.

December 31, 1992 Deposits were $58,463,000. Debra Holmes was elected Vice President.

December 31, 1995 Deposits were $64,988,000.

December 31, 1998 Deposits were $82,218,000.

February 24, 1999 John Breitbach was elected to the Board of Directors.

December 31, 1999 Total assets of Prior Lake State Bank over $102,000,000. Deposits were $90,000,000.

August 4, 2000 Internet Banking and BillPayer service launched.

December 31, 2001 Deposits were $124,000,000.

December 31, 2002 Deposits were $132,000,000.

October, 2005 The Photo Debit Card is introduced to the market.
December 31, 2006 Deposits were $164,000,000.

January, 2007 PLSB launches Remote Deposit service for businesses.

October, 2008 The Bank receives a FIVE STAR rating from Bauer Financial for safety and soundness.

June, 2009 The Bank celebrates 100 years of service to the Prior Lake community.

January, 2011 The Bank names Bob Facente as the new Bank President. Bob Barsness remains active in the bank as CEO.

Member FDIC