The bank in Fulton was closed due to the depressed agriculture prices so a group of eight men decided to open a new bank. The Fulton State Bank was organized and chartered in 1924 in Fulton, South Dakota.
The shares of the bank were held by Julius Bertsch, Herman Blumenberg, Arnum Blumenberg, F.L. Colfix, Martin Blumenberg, and E.E. Simmons and Chris Hellmers. Herman Blumenberg served as president and Julius Bertsch as cashier.
The Fulton Bank is still located in its original building which was remodeled in 1974-75. In order to diversity the bank's portfolio and meet the needs of its existing customer, the bank board decided to expand to Mitchell in 1994. The Fulton Bank building in Mitchell was expanded to add eight more offices in 2004.
The branch bank in Mitchell is the offspring of the deep roots that were established in Fulton since 1924. The presidents of the Fulton Bank have been as follows: Herman Blumenberg, 1924-1933; F.L. Colfix, 1933-1940; Arnum Blumenberg, 1940-1966; Martin Blumenberg, 1966-1972; Mrs. Julius (Effie) Bertsch, 1973-1985; Wayne Slade, 1986-1994; Rod Wolforth, 1994-1999; and Fred Smith, 2004-present. Martin and Arnum Blumenberg were sons of Herman Blumenberg. Julius Bertsch never served as president but was the cashier of the bank from 1924-1962. The cashier of the Fulton State Bank ran the day to day operations of the bank until 1985 while the presidents were among the main stockholders.
The Fulton State Bank withstood the Great Depression and several droughts because of small town banking and local decision making. This philosophy continues in the branch in Mitchell. The bank has been active in supporting school and community projects in the Mitchell and Fulton areas.