April 12 - How did you choose your ag bank’s name? Do you feel that the bank’s name is unique? To gage the creativity of bank names, we decided to find out just how many banks in this country use the word “farmer” in it. So we went to the FDIC’s website to do some research. Here is what we found.
There are 265 institutions in this country with the word “farmer” in their names. They are spread across 33 of the 50 states. Iowa has the most banks with “farmer” in their names with 28 banks. Kansas placed second with 26 banks with “farmer” in their names.
The largest bank by asset size with a “farmer” name, according to the FDIC’s data as of Sept. 30, 2012, is Farmers and Merchants Bank of Long Beach, Calif., with $4.78 billion in assets. The smallest farmer-named bank is the $9.77 million asset Farmers and Merchants Bank in Axtell, Neb.
Is it just coincidence that both are Farmers and Merchants banks? Probably, but it is not that big of an anomaly. According to FDIC information, there are 70 banks in this country named Farmers and Merchants Bank (or some close variation of that). The reverse, Merchants and Farmers Bank, is not quite as popular. Only six banks in the country have that moniker.
In what may be a telling sign of the popularity of state charters versus national charters, there are 90 banks named Farmers State but only 19 banks named Farmers National.
And in the category of “not exactly unique but not exactly common either,” there are 32 banks in the United States named Farmers Bank or a close variation (i.e., Farmers Bank & Trust Co. or Farmers Bank of Liberty).
There are only three banks with “stockmens” in their names: Stockmens Bank in Cascade, Mont.; Farmers & Stockmens Bank in Clayton, N.M; and Stockmen’s National in Cotulla, Texas. Similarly, there are only two banks with “stockman” in their names: Stockman Bank of Montana in Miles City, and Stockmans Bank in Altus, Okla.
The most unique ag bank name may be the Bank of Agriculture and Commerce in Stockton, Calif. It is the only bank with “agriculture” in its name, according to the FDIC.