Paynesville Bank History

Paynesville Branch History

The history of the Paynesville branch began in Roscoe, MN on February 18th, 1907 when the First State Bank of Roscoe received its State Banking Charter.  The bank had no electricity at the time and used shoe boxes in place of safe deposit boxes for as long as it was there.  In 1963, a group of businessmen from Paynesville purchased the First State Bank of Roscoe, renamed it Farmers & Merchants State Bank, and moved it into a remodeled chicken hatchery in downtown Paynesville.  A drive up window was installed, which was the very first one for Paynesville.  In 1984 the bank was sold to Neil Johnson, and is still owned by the Johnson family to this day.  In January 2016, Farmers & Merchants State Bank merged with 3 other locations to form Perennial Bank.