The Farmers State Bank of Monterey was incorporated by a group of local farmers and businessmen, led by F.S. Schwalen of Triumph, MN. F.S Schwalen was the majority stockholder. With loyal community support, the bank has continued to grow and offer additional services. Total holdings of the bank on December 31, 2018, were $58,656,704 with loans to the community of $29,411,910.