Products







Checking Account Services
Regular Checking Account from Farmers State Bank:
          • $100.00 Minimum Deposit to open
          • Minimum Balance to avoid imposition of fees: A service fee of $4.00 will be imposed every statement cycle (if the average daily for the cycle falls below $300.00). The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
          • Fees: A debit item fee of $0.20 will be charged for each debit transaction (withdrawal, check paid, automatic transfer, debit card transaction, or payment out of this account). The fee will apply upon failure to maintain the minimum average balance of $300.00
          • This fee will not apply to students, community organizations, or churches.
 
 Super Seniors Checking Account
          • $100.00 Minimum Deposit to open
          • Minimum Balance to avoid imposition of fees: A service fee of $3.00 will be imposed every statement cycle (if the average daily for the cycle falls below $300.00). The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
 
Savings Account Services
            Farmers State Bank’s savings accounts are a great way to set aside funds for that special event, or purchase something or simply save your money for a rainy day.
  • Rate Information: Your interest rate and annual percentage yield may change.
  • Frequency of rate changes: We may change the interest rate on you account at any time.
  • Determination of rate: At our discretion, we may change the interest rate on your account.
  • Compounding and crediting frequency: Interest will be compounded daily, and credited quarterly.
  • Minimum balance to open: $100.00
  • Minimum balance to obtain the APY disclosed: No minimum daily balance required to obtain the disclosed APY.
  • Daily balance computation method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
  • Accrual of interest on non-cash deposits: Interest begins to accrue on the first businesses day after deposit non-cash items.
  • Transactions limitations: Transfers from a Passbook Savings Account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
  • Fees: A flat fee of $5.00 will be charged for debit transactions in excess of 6 during a calendar month.

 

Certificates of Deposit
            Farmers State Bank offers certificates of deposit from 6 months to 24 months. These certificates offer a competitive rate in addition to the safety and security of Farmers State Bank’s membership in the Federal Deposit Insurance Corporation (FDIC).
            Deposit & CD Rates:
            Account Features:
                                    NOTICE OF PENALTY FOR EARLY WITHDRAWAL
  • Except as mentioned below, you cannot withdraw any principal from this account before a maturity date without our consent and we will charge a penalty. We can only consent to an early withdrawal at the time you request it.
  • For an account with an original term of more than 31 days and up to and including one year, the penalty will be one month's interest on the amount withdrawn.
  • For an account with an original term of more than one year, the penalty will be three months' interest on the amount withdrawn.
  • We will use the nominal (simple interest) rate in effect to calculate the penalty.
  • EXCEPTIONS: Federal regulations permit, or in some cases require, the waiver of the early withdrawal penalty if:
  • Any account owner dies or is declared incompetent.
 
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits - Interest begins to accrue on the business day you deposit non-cash items (for example, checks.)
Transaction limitations - You may not make any deposits into your account before maturity. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term after it is credited to your account.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty..
Withdrawal of interest prior to maturity - the annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you withdraw funds in the account at maturity (or within any grace period mentioned below) or we receive written notice from you within any grace period mentioned below. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will continue to accrue after final maturity for up to seven calendar days. The interest rate will be the rate the account would normally renew at. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. You will have ten calendar days after maturity to withdraw the funds without a penalty.

Frequency of Rate Changes:  We may change the interest rates on certificates of deposit at any time.

 

Loan Products
 
Farmers State Bank offers a wide variety of loan products with varying terms, designed to meet the financial requirements of our customers.
 
Personal & Consumer
In order to provide the best possible service, we encourage you to set up a meeting with one of the lenders to discuss your financial requirements.
 
Commercial & Agriculture
The financial needs and structure of each commercial and agricultural business is different in its own way. In order to provide the best possible service, we encourage you to set up a meeting with one of the lenders to discuss your financial requirements.
 
The following is a small list of information that might be requested at your meeting:
 
  • Detail of loan request and loan purpose
  • Business plan or projections
  • Business Financial Statements
  • Personal Financial Statements
  • Previous Years Tax Return
  • Previous Years and Projected Cash Flows

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