The opening of First State Bank nearly seven decades ago in July of 1947, filled a tremendous void in the Socorro community. In 1920, Socorro County had five banks from San Marcial to San Antonio to Magdalena; each eventually closed its doors with the last being at the time of the San Marcial floods in 1929. As the years went by, a number of efforts were made to open some kind of banking institution, but it was mostly talk. Few wanted to get stung again.
Among key dates for First State Bank are December 1949, when the bank’s assets reached the million dollar mark; 1956 when the bank moved to its present location on Manzanares Avenue; October 23, 1961 when the Bank Branch was organized in Catron County; October 15, 1993, when First State Bank underwent a massive conversion to an in-house system; July 1, 1997, when the bank celebrated its 50th anniversary; September 2000, when the banks internal computing infrastructure went live as the first of an avalanche of technological updates, including worldwide email and Internet access for all employees; December 2003, Online Banking access to customers; November 2013, entered in the Social Media and Mobile Market Place arena with the introduction of the Big on Mobile Banking Application for SmartPhones.
In an age of conglomerate mergers and international high finance, First State Bank has regarded the independent banker as more than a good neighbor. State banks, of which First State Bank is one, are more closely associated with their communities, in part because they are a direct part of those communities. They live in their communities and know their neighbors.
First State Bank is fulfilling a mission of providing a sound financial institution in support of growth and stability for Socorro and the surrounding area. Currently, First State Bank carries over One Hundred Twenty Million dollars in assets and remains dedicated to its community and surrounding area.