Butte State Bank has signed a merger agreement with The Tri-County Bank of Stuart. Following the close of the transaction, all banks will operate under The Tri-County Bank name. Butte State Bank was chartered in 1944 and owned by three generations of the Brewster family. Joe (Vera) Brewster purchased controlling interest of Butte State Bank in 1963 from Pete Anderson. In 1971, Dennis and Jane Brewster purchased the bank from Joe and Vera. In 1999, Craig and Tammy Brewster purchased controlling interest of the bank, making Craig the third generation of the Brewster family to be the bank’s President.
The Tri-County Bank was chartered in Stuart in 1945 by Joe (Vera) Brewster and a group of local investors. Joe sold the bank to Don and Sally (Brewster) Schmaderer in 1979. Don transferred his ownership to Jon (Jennifer) Schmaderer together with siblings Nancy (Scott) Steinhauser and Sue Anne (Brad) Philson in 2021. The bank continues to operate with its fourth generation of community bankers: Joel Steinhauser, Tate Schmaderer, and Claire Steinhauser serve critical roles in the organization.
Butte State Bank President Craig Brewster stated, “the merger of the banks allows the Brewster family heritage to continue providing banking services to the region especially for Boyd County, northern Holt County, and south central South Dakota, as it has for the past 63 years. The Tri-County Bank’s philosophy, deposit and lending product offerings, and technology will be a nice fit for current and future bank account holders and borrowers.”
Current Butte State Bank staff will be retained and will continue to provide high quality service to its customers as it has for the past 82 years. Butte State Bank has locations in Butte and Spencer with remote ATMs at the Naper Café in Naper and BASCO Travel Plaza in Spencer.
Butte State Company, owner of Butte State Agency, has agreed to sell the insurance agency operations to The Tri-County Company. The Butte State Agency name will remain the same and continue to provide a wide variety of insurance products including crop, livestock, farm, business, home, auto, and health, life, and long-term care. Butte State Agency employs three full-time licensed agents and an administrative assistant.
Jon Schmaderer, President of The Tri-County Bank, shares, “We are excited to welcome two great companies, the Butte State Bank and Butte State Agency, into our organization. The opportunity for our family to continue to serve Boyd County and the surrounding area is a tremendous honor.”
The Tri-County Bank currently has full-service banking offices in Stuart, Atkinson, O’Neill, and Bassett and its brands include TCB Mortgage, TCB Insurance, and TCB Investments. The Butte State Agency name will be added to its brand following the merger.
