On the 12th of October, 1903, Commercial State Bank , Winthrop, MN was chartered by a group of local businessmen. The name was changed to First National Bank in 1905 and then converted to Winthrop State Bank in 1936. Under the leadership of this honest, hardworking group, the bank did very well.
During the mid 1950’s, W.C. Ilstrup began purchasing stock and became the controlling shareholder. Mr Ilstrup also had banking interests in Darwin and Dassel.
In 1968 Mr. Ilstrup sold his controlling interest to Neil Johnson. Mr. Johnson later formed Darwin Bancshares as owner of Winthrop State Bank.
In 2003 additional land was purchased and a new drive thru teller lane was constructed along with major interior and exterior renovations. This project was completed in time for our 100th Anniversary on October 12, 2003. In January 2016, Winthrop State Bank merged with three other locations under common ownership to form Perennial Bank. Darwin Banchares continues ownership of Perennial Bank.
Current employees at the Winthrop branch are James Neubarth, Branch Manager; Tom Johnson, Vice President; Steve Johnson, Insurance Agent; Debra Trebesch, Secretary; Bobby Johnson and Angie Neuman.