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Wilmot is rich in banking history.
The first bank to operate in Wilmot opened in 1884 and was known as the Bank of Wilmot. There was also First State Bank, which received its charter in 1894. Farmers State Bank commenced business in 1898. Then in 1906 German Saving Bank was started. In 1910 the German Savings Bank merged with First State Bank. The First National Bank received its charter in 1919. They purchased the stock of Farmers State Bank in 1921 and sold the building to the Masonic Building Association. First National Bank surrendered their National Charter in 1940, received a State Charter and operated under the name of Wilmot State Bank. In 2004 Wilmot State Bank changed its name to First State Bank, expanded to Big Stone City and continues to be a full service bank to both communities today.