Sold: State’s oldest bank purchases FSB

Ownership of First State Bank will change for the first time in 58 years following the purchase of the bank by First Northern Bank of Wyoming, the oldest bank in Wyoming, according to an Aug.  2 joint press release from both banks. 
Initially, there will be no changes for customers and the bank will continue to operate under different ownership, said Darwin Rabenberg, president and chief executive officer at First State Bank. Down the road, he noted, there will likely be changes, but those will be communicated by the new owners. 
The change of ownership, according to the release, is expected to be completed sometime this fall, after receipt of approval by various bank regulatory agencies. Rabenberg anticipates the closing to take place in November or December. 
Once the sale is complete, the new bank will carry the name First Northern Bank of Wyoming. 
There are no anticipated personnel changes in First State’s staff of 23, said Tom Holt, president and chief executive officer of First Northern.
First State Bank has been a local independent bank in Newcastle since 1924. The Northeast Wyoming Bank Corp., a family group, has owned the bank since 1964. 
“Due to retirement and other factors, the time has come to turn over the reins at First State,” said John Sullivan, chairman of Wyoming Corp.,  in the release. “We are delighted to inform our customers and community that we have been able to choose First Northern as our successor.” 
Based in Buffalo, First Northern has done business in Wyoming since 1885, according to the release. It is owned by First National Buffalo Bankshares Inc., a holding company that also operates banks in Sheridan and Gillette. 
“First Northern has a distinguished record of providing fine bank service to its communities. It is based here in Wyoming and shares Wyoming values. It will be a great fit for Newcastle,” Rabenberg said. 
Presented with the opportunity to purchase the bank last year, Holt said that the board of directors was excited at the prospect and felt privileged to be considered. 
“We understand wholeheartedly the long-standing partnership that First State Bank of Newcastle has had with the communities and surrounding area it serves,” Holt said. “We very much look forward to continuing this legacy partnership and joining forces with all of First State’s banking professionals in the mission of providing top-quality financial services to all of First State’s existing and future customers.”