First State Bank is a wholly owned subsidiary of Crystal Valley Financial Corporation (CYVF) , First State Bank is a locally owned, independent community bank providing consumer, agricultural, business and commercial financial services since 1910. In recent years the Corporation has expanded Asset Wealth Management Services through the Trust/Wealth Management Department. The bank is headquartered in Middlebury, Indiana.

Our mission statement is as follows: The mission of the First State Bank is to be a stable independent community bank that offers the highest quality products and services to its customers. First State Bank will focus on developing and retaining the highest quality people to deliver long-term sustainable earnings, a strong capital base and increasing shareholder value.

One of our primary goals at First State Bank is to reinvest in the communities that we serve. Our directors, officers and employees volunteer their time and talents to many local organizations. You will find us serving as volunteers in many community activities.

From the Board of Directors, to Management, to the staff of First State Bank and First State Insurance, the Corporation is committed to being the premier financial services company in its market area. The Corporation continues to demonstrate and deliver "Hometown Values" to its many customers through utilization of its competitive products, it's never ending commitment to customer service, its continued development and use of technology, and its uncommon commitment to community service.

Our Story

According to the records of First State Bank, the Articles of Incorporation were drawn up on August 30, 1910. The capital stock for the association was $25,000.00, and it was divided into 250 shares valued at $100.00 each. Thirty one interested citizens subscribed for all the shares.

The first shareholders meeting was held on Wednesday afternoon, September 21, 1910 at the Opera House located in Middlebury. A committee of three was selected to recommend nine Directors which were: Augustus Shetler, Charles Hoover, W.H. Hout, Frank Walker, Daniel Stahly, Mose Yoder, Wm. Wise, Daniel Smoker and Daniel Bechtel. The first officers elected were Charles Hoover, President; Augustus Shetler, Vice President; and Wm. Wise, Cashier.

Three thousand dollars was paid to J.D. Mather, Proprietor of the Middlebury Exchange Bank for his Bank building and fixtures. Also, some of the assets were purchased from the Exchange Bank, and the First State Bank moved into that building located on Main Street, which is now Village Inn Restaurant.

In 1925, the Bank bought Lolo E. Wise's building adjacent to its location at that time, and built a new banking home, which is the current north half of the mortgage/trust building. Then in 1967 the Clodfelter furniture store was purchased south of that building. This was torn down and a new building was constructed, consisting of the old building, plus the area which was the furniture store. In 1988 a new building was constructed on bank property, south of the existing building. In 1988, the First State Bank opened its first banking center at 201 North Main Street in Goshen, Indiana. This location was formerly a hotel, then a bowling alley/restaurant. The bank opened its second office in Goshen at 1820 Greencroft Boulevard in 1997 in the Greencroft Senior Center. The bank opened its first Elkhart Banking center at 1515 Cobblestone Boulevard in 2000. In the spring of 2005, the second Elkhart banking center was opened at 200 NIBCO Parkway. In February 2007 a banking center was opened at 4101 Edison Lakes Parkway, Mishawaka. The original bank building in Middlebury was remodeled in 1999 to provide needed space for the Mortgage Loan and Trust departments.

First State Insurance Agency is a wholly owned subsidiary of First State Bank since 1962. In 2001, First State Insurance Agency expanded to the Goshen Banking Center with an office and in 2006 expanded to the Cobblestone Banking Center with an additional office.

The Board of Directors decided to take a major step forward with the establishment of a market maker for the Corporations' stock in April 2004. Howe Barnes Investments firm from Chicago was engaged to provide the services for buying and selling Corporation stock.

2010 marks First State Bank's 100th year serving our local communities.