United Farmers State Bank was chartered on January 17, 2014 when its parent banks, Farmers State Bank of Adams and Farmers State Bank of Elkton joined forces. The officers are Timothy Schneider, President; Brian Wolff, Vice-President; Curt Sheely, Vice-President, Eric Lee, Vice-President; Mike Smith, Asst Vice-President, and Steve Leif, Asst. Vice-President.
The bank is a locally-owned and operated full service bank, as both its parent banks were. The bank opened with over $130 million in assets in January 2014, had a staff of 21 employees and served its customers from four locations. At the time the bank opened the main office was in Adams with branches in Elkton, Dexter and Rose Creek.
In October 2014, United Farmers State Bank closed the Elkton branch location. In a town of just over a 100 people and with three other locations, two of those an approximate five minute drive from the town of Elkton, the decision was made knowing the bank’s Elkton branch customers could still receive the service they needed with minimal impact. The three employees that were stationed at the Elkton branch relocated to the Dexter branch. Currently the Elkton branch structure is still owned by the United Farmers State Bank but sits empty as a Disaster Recovery Site if needed.
As of January 1, 2018, four years after the bank’s two parent banks united; at the time the bank employed 21 full-time employees between three locations, Adams, Dexter and Rose Creek, and had grown to over $147 million in assets. Connie Hoff who served as the bank’s President since merger retired on December 31, 2017; Connie continues to serve on the bank’s Board of Directors. After Connie’s retirement, Timothy Schneider was promoted to the bank’s President. In addition to Timothy’s promotion to President he also made a move from the Dexter location to the Adams location which is the bank’s main office.
On December 31, 2019 Michael Schneider, the bank’s CEO since merger, retired. Michael Schneider continues to serve on the bank’s Board of Directors. As of December 31, 2019 the bank’s assets were $160 million in assets with 20 full-time employees and 1 part-time employee. The bank continues to serve its community through three branch locations -Adams, Dexter and Rose Creek.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
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NMLS 1795154