Local citizens began forming First Guaranty State Bank of Industry on February 11, 1911, with Dr. B.E. Knolle as first president and E. Lindemann as first vice president, and by June it opened at 1559 Main Street. Shareholder and cashier H.L. Schulze was the bank's only salaried employee, while his assistant H.H. Boelsche received hourly pay. In September 1919, Schulze's daughter, Thusnelde, joined the bank and remained there for 49 years until retiring in 1968. After H.L. Schulze died in 1926, Boelsche became his replacement and managed the bank until his death in 1956, when Arno Krebs became president. A change in the Texas banking structure led to the bank's renaming as Industry State Bank in 1927. The Depression reduced deposits and income, with deposits falling from a peak of $206,000 in 1924 to $95,000 at the end of 1932, and they did not return to 1924 levels until 1937. A new building was constructed on Main Street in 1957, and by 1962 the bank's assets had grown to $1,500,000. In 1973 the bank moved to a new structure at the corner of Highway 159 and Highway 109, and in 1989 it acquired its first additional banking facility, New Ulm State Bank. Improved banking technology helped it continue serving the region with facilities in fifteen communities.