Farmers State Bank (located in Albert Lea, Hartland and Freeborn) recently held a 10-day shredding event at the Albert Lea location in which customers could bring down papers for professional shredding. The service protects customers from potential identity theft, so sensitive information does not end up in the wrong hands. Overall, the Bank was able to help more than 100 customers by shredding thousands of pounds of papers.

According to Nancy Skophammer, president of Farmers State Bank, “Protecting our customers financial information is our greatest responsibility, and hosting a shredding event was a great way to give them peace of mind. For a complete list of tips to protect yourself from identity theft, simply stop in at our bank.”

FDIC insurance coverage

As a reminder to customers, Farmers State Bank currently offers customers deposit insurance of up to $100,000 per depositor through the FDIC. Since the FDIC was founded in the 1930s no one has ever lost a penny of FDIC insured funds. Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at Farmers State Bank and still be fully insured. For complete information on your options and FDIC coverage, customers are invited to contact the bank.

Community banks

are highly regulated

Skophammer, commenting on recent economic situation, “With all of the media focusing on the troubles of investment banks, we want to remind our community of the difference between investment banks and independent community banks like ours. Independent community banks are highly regulated, safe, and well-capitalized. We aren’t driven by the greed of Wall Street, didn’t participate in the lending practices that led to the current financial crisis, and we’re not looking for a bailout. Most of the banks you read about being financially stressed today are heavily invested

in real estate development and construction. We have a diverse portfolio of loans from personal loans and small businesses to agriculture, one of the strongest segments of our economy.”

Overall, Minnesota has more than 400 independent banks that are the backbone of economic stability in our state.

Economic conditions and business cycles constantly change, but independent community banks have proven to be stable and reliable partners with their communities.

Farmers State Bank was originally chartered in 1912, opening originally in Hartland. The bank has grown to add locations in Freeborn and Albert Lea, and has seen bank assets increase to over $75 million.