First National Bank of Plainview will change its name to Foresight Bank on Jan. 1, President Dean Harrington has announced.
The bank will retain the same local ownership and staff. The name Foresight Bank was recently approved by the Minnesota Department of Commerce.
"We are very excited about our new name, and look forward to launching it soon with energy and optimism," Harrington said. "It’s one more way we want to stand out from the other banks and become more unique. There are many First National Banks around the country, but now there is only one Foresight Bank."
The name embodies how the bank does business, he said, "always looking forward to give you convenience and financial tools that can prepare you for the future."
ADVERTISEMENT
The bank is also converting from a national banking charter to a state charter, he said. This is a trend among banks, because fees are lower. First National will save $30,000 a year.
"We believe the regulators of state chartered banks have a solid understanding of community banks and the customers they serve," Harrington said.
First National Bank of Plainview has assets of $150 million and one location in Plainview. The bank originated in Plainview in 1902 and remains a locally owned, independent community bank. The bank is a member of the FDIC and an Equal Housing Lender.
