FIRST COMMUNITY BANK HISTORY

 

In September 1913, Farmers State Bank was incorporated and was opened for business on September 15, 1913. The bank was started by Harry O. Milbrath and Harold O. Milbrath, identical twin brothers, with the idea of creating business to benefit the town and rural community. Harold O. Milbrath retired in 1963 and his brother, Harry O. Milbrath purchased the remaining shares of the Bank.

Harry O. Millbrath retired on April 1, 1969 and Loren E. Jilek purchased controlling interest of the bank. Loren began his employment with Farmers State Bank in April of 1963 and served as the Assistant Cashier & Accountant until the purchase. Farmers State Bank changed its name to First Community Bank Lester Prairie on June 1, 1996.

Loren E. Jilek and his son Doulgas L. Jilek, who had joined the Bank in 1990, purchased Citizens State Bank of Silver Lake in January 1992. Upon purchase, they changed the name to First Community Bank Silver Lake.
Both Banks were owned by Prairie Bancshares, Inc, with Loren E. Jilek presiding as President and Douglas L. Jilek as Vice President.

In January 2000, Loren E. Jilek retired and Douglas L. Jilek purchased controlling interest of Prairie Bancshares Inc. from his father. Douglas then became President/CEO of both First Community Bank Lester Prairie and First Community Bank Silver Lake.

First Community Bank Lester Prairie acquired First Community Bank Silver Lake on January 1, 2013; at that time President/CEO Jilek made the decision to change the bank name to First Community Bank. Each office remains committed to serving the cities of Lester Prairie and Silver Lake. First Community Bank has "100% interest in every customer".