In 1931, the Owsley County community began the rebuilding process after the Great Depression. The community requested that various people throughout the area invest money to start a new bank. The people listened and soon, 32 investors with $15,000 pooled their money to start the Farmers State Bank.
They named the bank after they purchased a vault door from a failed bank which was named Farmers State Bank.
In 2002, the bank decided to invest money in remodeling the old building and making it a working facility.
Today, Middlefork Insurance Agency is located on the first floor while the second floor holds the FSB Board of Directors meeting room and offices for future expansion.