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BANK ON THE BRIGHT SIDE.™

Life is full of silly moments, and beautiful moments, and some moments that are just plain dull. But the truth is, we are grateful for all of them. As we celebrate 100 years in our communities, we just want to say thanks for trusting us with all of your moments. That's what it means to Bank On The Bright Side.™





1926

  • The institution that would become BankStar Financial is chartered in Elkton, South Dakota, under the name Corn Exchange Bank, with T.E. Spaulding as president.
  • Route 66 is established, stretching 2,448 miles across eight states, from Chicago to Santa Monica, California.


1930
  • Corn Exchange Bank moves to BankStar's present location in Elkton, with L.C. Foreman succeeding T.E. Spaulding as president and total assets of $71,961.14.
1933
  • The Federal Deposit Insurance Corporation (FDIC) is created. Like all U.S. banks after the Banking Act of 1933, BankStar becomes FDIC-insured, protecting depositors’ funds.
1938
  • Infamous duo Benny and Stella Mae Dickson held up and robbed Corn Exchange Bank of $2,187.64.
1945
  • WWII ends, fueling a post-war economic boom and farm mechanization that begins reshaping rural population patterns.
1950
  • R.F. Petschow, starting as Assistant Cashier with the bank in 1928, becomes president of Corn Exchange Bank, succeeding L.C. Foreman.
  • The Diners Club card becomes the first modern credit card, allowing members to charge meals in NYC and rapidly growing to 20,000 members in its first year.
1969
  • The first successful ATM is installed in the U.S.
1971
  • After acquiring the former Dressel Building, Corn Exchange Bank holds an open house for the newly remodeled bank and celebrates 45 years of service to the community of Elkton.
  • The U.S. officially leaves the gold standard.


1973
  • H.E. "Jack" Hegerfeld becomes president, succeeding R.F. Petschow.
1978
  • The first online banking experiments begin.
1994
  • Construction on a major soybean processing facility starts near Volga, becoming one of the area’s largest employers and a key ag-processing hub.
1998
  • Charles "Chuck" Hegerfeld becomes President, succeeding H.E. "Jack" Hegerfeld.
2001
  • The bank officially changes its name to BankStar Financial, reflecting a broader community banking strategy beyond its original Corn Exchange Bank identity.
  • BankStar expands out of its Elkton roots and grows into one of its full-service branches in Brookings.


2006
  • Brookings becomes home to the state’s first university-linked innovation park. The South Dakota State Innovation Campus fosters collaboration between education, industry, and research.
2007
  • First iPhone releases and begins expanding mobile banking.
2010
  • Brookings surpasses 22,000 residents.
  • Children’s Museum of South Dakota opens in a renovated school building, drawing 100,000+ annual visitors with interactive exhibits and the life-size T. rex “Mama.”
2014
  • BankStar acquires First National Bank of Volga, bringing that community bank into the BankStar family and building its presence in the Volga area.
2019
  • Prairie AquaTech feed production facility opens near Volga, adding advanced agricultural manufacturing to the region.
2020
  • Both Elkton and Volga experience steady local growth as their populations increase slowly through the 2010s and into the 2020s, reflecting long-term stability, residential growth, and community investment.
2024
  • Construction of new bank buildings in Volga and Elkton is completed, bringing customers new banking facilities that reflect the growth of BankStar and its optimism for the future.


2025
  • BankStar announces a leadership transition ahead of its centennial celebration, with longtime President & CEO Chuck Hegerfeld preparing to retire.
2026
  • Don Greiner becomes the 6th President of BankStar with total assets of $350M.
  • BankStar celebrates 100 years on the Bright Side and its success as one of the state’s long-standing community banks.