Industry State Bank was founded as an institution involved in the progress of the town of Industry and the surrounding area.
On February 9, 1911, a group of interested citizens took the initiative to begin the process of forming a bank in Industry. Its first name was the First Guaranty State Bank of Industry, and 100 shares of capital stock were initially divided and owned by 39 original shareholders.
On March 18, 1911, a special meeting was held to approve a bid of $685 from Charles Rath, a builder from New Ulm, to erect a bank building. J.T. Colleton of Bellville, a bricklayer/ stonemason, was hired to install a 10x12 foot vault in the new building.
On June 1, 1911, the First Guaranty Bank of Industry opened for business and was issued State Charter Number 726. So, in the period of four months, from February to June 1911, the bank organization was formed, state approval for forming a bank was obtained, a building was planned and built, and bank officers were hired and had to train themselves.
On September 25, 1911, after four months of operation, the bank had its first state examination and received complimentary remarks in a letter to the directors from the banking commissioner. It was a good start to a long, prosperous enterprise.