By Solomon Gustavo
DARWIN, DASSEL, MN - Farmers State Bank of Darwin-Dassel and its formerly separate sister banks Farmers & Merchants State Bank of Paynesville and Winthrop State Bank will merge effective January 2016, according to a press release from Farmers State Bank of Darwin-Dassel President Mark Johnson. The Winthrop and Paynesville locations will become branches of the Darwin chartered bank.
“To be clear, this is a merger and not a sale,” Johnson stated. The merger was done to better serve customers, according to the release. They can “expect the same faces and community bank service, with added benefit of additional locations, enhanced products, and new technologies.”
The financial institution will operate under the name Perennial Bank, a name chosen to symbolize the collective community bank’s longevity (each has been in existence for more than a century) and enduring strength, according to the release.
Johnson stated there will be minimal impact on current Farmers State Bank of Darwin-Dassel customers.
Its routing number, account numbers, and card numbers will not change, so that “current checks, debit cards, and automated transactions will continue without issue,” according to the release. Future statements, check reorders and debit card renewals will bear the Perennial Bank name, and soon, the current website will link to the new website. The link is available at dasselcokato.com.
“This merger does not signify a shift away from small-town banking and our successful relationship banking model, but demonstrates a commitment to it,” Johnson stated.
Perennial Bank Vice President Josh Johnson said Winthrop and Paynesville banks will take on Farmers State Bank of Darwin-Dassel’s routing number, “but with routing number forwarding for existing checks and electronic transaction, there should be little impact.”
He said product enhancements and new technologies will be announced on the website after the merger is complete.
“Customers will be happy to know our employees, management, and small town customer service will remain unchanged,” Johnson stated.