History & Philosophy

Farmers & Merchants State Bank is a local bank serving our community’s financial needs with quality products and services. We are committed to exceeding our customers’ expectations with our friendly and professional staff.  As a local, independent bank, we do not offer risky products and we pride ourselves on knowing our customers and treating them as individuals, not a number.  Our decisions are all made locally, not shuttled off to a head office somewhere down the road.  We are your neighbors and we know you!

We want to see our local economy thrive!  We help local businesses, farmers, groups and individuals realize their dreams, enabling New York Mills to stay a vibrant small town. 

Banks are often in a position to invest both dollars and effort in the local community, and F&M State Bank strongly believes in helping our town grow and succeed!  We encourage the volunteer efforts of individual employees and often dedicate our services and time to community events and groups.  We have a strong presence in our local Civic & Commerce Association and our employees are often leaders in the efforts to put on community events.  In addition, our employees serve on a wide variety of boards and committees, including our Volunteer Fire Department.

We also believe in educating youth about financial matters and careers in banking.  We proudly participate in the elementary school's Adopt-A-Class program and we provide fun and education to our 3rd grade students each year.  We also hire a high school intern each summer who is often looking towards a career in banking or finance.  Some of our elementary and high school teachers also use our sponsored financial literacy program, which educates students on the every day money matters they'll need to know in life.  Another way we enjoy connecting with our students is by speaking to high school classes about financial topics and careers.

Farmers and Merchants State Bank of New York Mills, Inc. began doing business in 1916 and has its office located at 11 N Walker Ave in New York Mills, MN. The Bank is under supervision of the State of Minnesota Department of Commerce and the Federal Deposit Insurance Corporation (FDIC). The Bank’s present ownership consists of New York Mills Bancshares, Inc., a one-bank holding company that owns 100% of the Bank.

Whether you’ve been our customer for years, are new to the area or are looking for a change, stop in and let us be there with you…every step of the way!