April 8, 1974
The doors of Le Sueur State Bank opened for business at 229 S. Main St.
Le Sueur State Bank moved to its current location of 415 N Main Street.
Le Sueur State Bank entered into a purchase agreement with TCF to purchase an operating branch in Cloquet, MN. During the purchase process and much discussion from the Board of Directors, “CornerStone State Bank” was established as a new name that would market equally in multiple markets.
An opportunity to purchase neighboring branches in Belle Plaine and Green Isle was completed in 2002. At the same time management felt a need for change in the regulatory agreements were necessary and application to move from a Fed Member Bank to a State Non-Member of the Federal Reserve was necessary. Following this change CornerStone would be examined by the State commissioner and the FDIC rather than the Federal Reserve Bank of Minneapolis.
When the two current banks in Montgomery, MN merged into one, the CornerStone Board was contacted by residents of Montgomery to establish a second bank in town. Utilizing a small bank exception in the Minnesota branch banking rules, CornerStone moved its charter from Le Sueur to Montgomery and established a branch in a small downtown rental, formerly used as a jewelry store. In 2009 a new building was built with a Czechoslovakia theme.
Following trips to Chicago and Iowa, CornerStone joined the Federal Home Loan of Des Moines Iowa with a Mortgage Partnership Funding Program to provide fixed rate consumer mortgages to our customers and retain the paperwork and servicing of those mortgages. This program became very popular throughout all markets to our consumers.
A merger agreement was acquired with Peoples State Bank of Madison Lake.
In March, Peoples State Bank merged into CornerStone State Bank with a branch in Eagle Lake. Staff was retained and services expanded in both cities. In later 2016, a new bank construction project began in Eagle Lake with an anticipating opening during the spring of 2017.