The State Bank of Faribault and the Carlander family, proud owners for three generations, take great pride not only in the Bank, but also in their community.
On December 20, 1919, the newly chartered Faribault State Bank opened for business in the Masonic Building at 228 Central Avenue. John W. Boock was elected its first president. The Statement of Condition listed $100,000 in total resources and $60,500 in capital.
The bank remained in that location until 1930 when the newly named Faribault State Bank and Trust Company acquired a vacant building at 229 Central Avenue. On September 26, 1938, John Carlander was elected president of the bank.
In 1939 the bank surrendered its trust powers and became The State Bank of Faribault. Then, on June 1, 1959, following the construction of a new building, The State Bank of Faribault moved to its current location at 428 Central Avenue. In 1991, SBF purchased a building at 202 Western Ave. After extensive remodeling, the West Mall Branch Office opened for business on November 26, 1991. After renovating an existing building at 6867 Boudin St NE, Prior Lake, we opened our third office on June 3rd 2019.
The bank has continued to expand progressively in size as well as in technology. Under the leadership and guidance of Chairman of the Board, Richard J. Carlander and President, John R. Carlander, assets of the bank have grown to over $170 million.
SBF continues to be a strong, stable and independent locally-owned bank. We have taken an active leadership and supportive role in hundreds of community service projects.