First State Bank, Then...Now...and Always

As the First State Bank of Malta is gearing up to celebrate its 120th year of serving Phillips County, the community is dusting off their dancing shoes in preparation for FSB's entertainment, Wylie and the Wild West with special guest, Eric "Fingers" Ray Gustafson.

Bank President Bob Galt, his officers, and employees are ready to show Phillips County a good time on July 7, at 7 p.m. in downtown Malta. There will be a street dance, giveaways (which are always fabulous from FSB), and much more! Food trucks will be available throughout the night, so don't forget your cash! And bring your own chair! When you're not dancing and mingling, you'll want to sit and enjoy the entertainment that Wylie and his band provide.

Galt, who started his career with FSB in 1987, along with Terry Skones, 1st VP and Cashier, Terri Skiff, Assistant Cashier, and First State Bank of Malta has managed to operate through many changes to the banking business during their 36 years.

Mr. Galt made note of one comment by a former director that he remembers and must chuckle about. The director was adamant that the bank did not need a second drive-up lane, that the first lane was barely used, and this would be a complete waste. Galt stated, "During Covid, when our bank lobby was closed, the Bank ran two tellers in the drive-up and we were able to handle a majority of our customer's transactions. This is just one example of newer technology that all banks have utilized to their advantage over the years.

Technology continues to be one of the main issues in community banking, and all banks are forced to either step up to the plate and offer their customers all the bells and whistles or sit back and watch their competition lure their customers away. "We have and will continue to bring on new options for our customers that will make their banking experience easy and affordable," said Galt.

Banking regulations have tested the smaller bank's resources by forcing staff to create and manage a policy network that bankers of the past would not believe. "There is a policy for everything we do today". In addition to this, problems that large banks are responsible for get passed on to the smaller community banks, making their jobs more difficult. "Our regulators do not like to hear us say that operations in a small banking environment are much different than in the bigger institutions."

The last challenge that everyone in America seems to be struggling with these days is the labor force. The higher cost of labor, coupled with the shrinking labor pool, can make it very hard to fill positions that were once considered quality jobs. "This is a problem we all face, and I know from personal experience that the older generation must learn to adjust to the changing times.

This can be a difficult adjustment, but one that we need to make in order to create an environment where our employees feel wanted, needed, and most of all appreciated," Galt continued.

FSB had seven employees in 1935, they now have 21: Galt, Skones, Skiff, Russell Osmundson (17 yrs.), Sharon Young (20 yrs.), Alisha Gibbs (21 yrs.), Larry Bauer (4 yrs.), Kathy Grabofsky (25 yrs.), Michael Peter (1 yr.), Julie Nagy (12 yrs.), June Mavencamp (25 yrs.), Amie Tremblay (9 yrs.), Taylor Sjostrom (2 yrs.), Tyra Warren(3 yrs.), Leslie Anderson, Tessa Crasco (1 yr.), Dawn Haynes (1 yr.), Kylie Starkey (9 yrs.), Alana Malmend (1 yr.), Nancy Ereaux (1 yr.), and Nancy Knudsen.

The First State Bank has continuously served the community by hosting its annual FSB Car Show in June for the last 21 years which brings in many out-of-towners to Malta. They have been a part of the Christmas Scrip program since 1988 with other local banks, and they donate to numerous Phillips County organizations throughout the year, including MT Shakespeare in the Park, and local Swim Days at the Malta pool. For Phillips County's centennial celebration, FSB sponsored the project to build the gazebo that sits in Veterans Park today.

FSB wants to keep on giving and show its appreciation to its customers and their communities by inviting everyone to its 120th Anniversary celebration.