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. It's first name was the First Guaranty State Bank of Industry. 100 shares of captial stock were initially owned by 39 original shareohlders. The First Guaranty Bank of Industry was issued Charter number 726.
Only 14 days later, on March 18, a special meeting was held to approve a bid of $685 from Charles Rath, a builder from New Ulm, to erect a bank building. The rectangular shaped building had a small front porch. J.T. Colleton of Bellville, a bricklayer/ stonesman, was hired to install a 10x12 foot vault in the new building. This vault was kept during the remodel of the building in 1972 and is still in it's place in that building now owned by Garth and Imogene Griffith.
The bank was opened June, 1, 1911 and by September 4, a total of 42 loans had been made. On September 25, 1911, after four months of operation, the bank had it's first state examination and received complimentary remarks in a letter to the directors from the banking commissioner. A good start to a long, prosperous enterprise.