In 1901, the new town of Freeport was growing steadily, but something was missing. The town needed a bank. To fill the need, a landowner, grain shipper and respected farmer named George Uhlenkott founded a private bank. In 1908 his son Herman took control and with his brother Simon they incorporated the institution as the Uhlenkott State Bank.
In 1912, John Kuhn, Moritz Hoeschen and Hubert & Peter Thelen purchased the bank and changed the name to Freeport State Bank. One year later, Farmer's State Bank opened in the same community. To meet the competition, Freeport State Bank built a new building in 1922, which is still in use as the bank's headquarters.
Both banks grew and prospered, and in 1926 they merged to become the sole financial resource for the community. In 1941 VJ (Virgil) Hemker joined the bank as a bookkeeper. Later in 1959, he bought controlling interest of the bank and was its guiding light until his retirement in 1983. During his time as president, he created a branch in New Munich. Upon retiring, VJ's son Jim Hemker purchased the bank and remains its president. Under his leadership, the bank has also opened branches in Melrose and Greenwald. Today, Freeport State Bank has an asset base of $91,000,000.00 and is dedicated to the motto: "At Freeport State Bank, Customer Service Is Our Priority."