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In 1903, in the small rural town of Boswell, Indiana, a group of fifteen farmers and leaders got together with the purpose to form a bank that was based on a few core principles including:
That group became the first stockholders, and with $40,000, they started the Farmers and Merchants Bank of Boswell, located on Main Street in Boswell.
Since our start in 1903, our principles have not changed. And while we expanded our Boswell office twice (1985 and 2003), today we have four locations in three counties – Benton (Boswell since 1903 and Otterbein in 1978), Warren (West Lebanon in 2003), and our newest branch in Tippecanoe (West Lafayette in 2012). We continue to be a privately held corporation, now with nearly 400 stockholders, 28 employees, and a board of directors of seven people who live in Benton, Warren and Tippecanoe Counties. We provide true local assistance and decision making in our service area, something that has mostly disappeared in the banking industry. And, we have grown from $40,000 in assets to over $115,000,000.
We weathered the depression during the 20's and 30's and none of our customers lost any money. We survived the inflation and farming challenges of the late 70's and 80's. We came through the banking collapse and the Wall Street recession in our recent past. With those challenges behind us, we look forward to the future. We continue to grow our customer base and loan volume; we continue to improve our support and assistance to our customers. And we still look to our vision statement to guide us to be the best bank we can be, "We will personally deliver quality financial products and services to better our customers and communities and provide a fair return to our shareholders."