History

For nearly 100 years, Peoples State Bank has served the financial needs of the region with outstanding products, quality loans, and excellent customer service. Established in 1915 to serve the community of Velva, Peoples State Bank has since grown to include Minot and the surrounding region.

First State Bank of Simcoe, in Simcoe, ND, was founded and would later become known as Peoples State Bank of Velva. The original officers of the bank were Tom Hystad, J.E. Setterstrom and Art Kumm.
First State Bank of Simcoe was robbed for the first time in its short history in 1917 and just 6 short years later in 1923 it was robbed for a second time.

First State Bank of Simcoe was moved to the former Merchants State Bank building in Velva in August of 1924 where it was renamed Peoples State Bank of Velva. The Kumm’s took over the bank shortly after the move to Velva was completed. Peoples State Bank of Velva is still conducting business in this same location today.  1924-150

The old Peoples State Bank of Velva building was torn down and construction began on the new building, which is still operational today.1968-150

Nearly five decades after Peoples State Bank moved to Velva it was robbed again. If you go into the bank today you can still see the two bullet holes left in the ceiling from shots fired by the robbers.
In May of 2009, construction began on Peoples State Bank of Velva’s second location in Minot. By November of that same year the bank was open for business. The design of this branch is very unique with stand alone teller islands and a beautiful panoramic landscape scene on display.

Interesting Fact:

Four generations of the Kumm family have worked at Peoples State Bank over the years. Starting out with Art Kumm and his wife, Anna Kumm and then their daughter Verona followed by their grandson Richard Beall and now his son Richard Beall, Jr. who is President of the Minot branch of Peoples State Bank of Velva.

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