Peoples State Bank was originally chartered in 1895 by a group of individuals involved in business and professional trade organizations located in Fairmount, ND. One of the original stockholders was Bartholomew Schouweiler. The bank was originally named the Bank of Fairmount. During the depression in the 1930’s the Bank of Fairmount and the First National Bank of Fairmount merged. In 1956 the name of the bank was changed to Peoples State Bank by Earl W. Schouweiler, Sr., the president at that time. Today the bank remains a privately owned and operated community bank with locations in Fairmount and Wahpeton, North Dakota. The bank is owned by ten individual stockholders, the majority of which are area residents involved in business and farming. The President of the bank is Earl W. Schouweiler, Jr., a third generation banker.