On March 30, Kosciusko Financial, Inc, locally known as Farmers State Bank, received preliminary approval for $2,256,000 from the United States Treasury to participate in the Capital Purchase Program. However, the Board of Directors elected not to participate in the offering from the United States Treasury, and did not accept the funding.
"At Farmers State Bank we are blessed and thankful for a strong capital position that reduces our need for any government capital" stated Greg Maxwell, president of Farmers State Bank. "Also, the interest rate market has re-priced dramatically since the inception of the CPP program making TARP funds less viable for us."
"Since 1892, through good times and bad, Farmers State Bank has been a financial partner to the people of Kosciusko County, and we will continue to accept that responsibility."
Kosciusko Financial, Inc. is a $110 million dollar bank holding company headquartered in Kosciusko County. Farmers State Bank has branches in Mentone, Warsaw, Leesburg and Syracuse.
