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Roundbank
3380 Vermillion River Tr
Farmington, MN 55024
651-463-8300
Strong, Safe, and Secure with Money to Lend!
We can get you fixed up with a home equity loan so you can fund your next project, travel, education, or debt consolidation.


Over the years, the bank has prospered as an independent full service community bank. Largely because of its loyal customers and a staff dedicated to outstanding customer service and positively impacting peoples' lives, Roundbank has grown to be the largest bank in Waseca County.

1881 – Originally chartered as The People’s Bank of Waseca. Initial capitalization was $25,000. There were two other banks in Waseca at that time; the Waseca County Bank and Bank of Waseca. The original building is now occupied by Four Seasons Athletics.

 
1900 – The Name was changed to The People’s State Bank of Waseca.
 
1907 – A new bank building was built for approximately $28,000 including the land. That building is located on the corner of State Street and 2nd Avenue Northwest and is currently occupied by EF Johnson. This building also provided space to the U.S. Post Office.
 
1908 – The bank was rechartered as a national bank known as The Farmer’s National Bank of Waseca.
 
1931 – The bank was purchased by First Bank Stock Corportation, now US Bancorp.
 
1931 – First State Agency begins selling insurance products.
 
1936 – The bank took over liabilities and selected assets of the Security State Bank of Waseca which went out of business. Security State Bank was located in the building now occupied by Barden’s Bar.
 
1971 – The bank again was rechartered as a state bank and known as The First State Bank of Waseca. The bank moved to its current location at 200 2nd Street Northeast. During the late 1970’s the bank became part of a new corporate identification of First Bank System, now US Bancorp.
 
1987 – The bank was purchased from First Bank System by the Erickson family and local directors and management group. It continued as The First State Bank of Waseca but adopted the service mark of “The Roundbank” after the building’s unique architecture.
 
1988 – Acquired the Arveson Agency of Otisco.
 
1989 – First State Agency purchased the New Richland Agency.
 
1992 – Purchased the Waldorf State Bank through merger and continued to operate the Waldorf office as a full service branch.
 
1992 – Acquired the Waldorf Insurance Agency at the same time of the Waldorf State Bank purchase.
 
1993 – Legally changed the name of the bank to Roundbank.
 
2003 – First State Agency, a full service insurance provider with common shareholders, changed its name to Roundbank Insurance Agency.
 
2006 – Roundbank expanded in Farmington with a full service community bank. 
 
2006 – Roundbank Insurance Agency buys the Krienke Agency.