Since the late 1800s, McGregor has been a hub of activity; due to the timber industry. However, the town of McGregor had been without a bank since the mid-1930s when the McGregor State Bank closed and its charter was moved to Howard Lake. About 20 years had passed before people began to talk about bringing a bank to McGregor once again. A hearing was held on November 27 and 28, 1961, in St. Paul, by the State Banking Commission regarding the application for a new charter for a bank in McGregor. Submitting the application were O. L. Johnson, Delbert Brekke and Robert Lien. There were many witnesses including Russ Maddy, Olaf Laursen, Maurice Lehtinen, Kay Carlstrom, Isedor Iverson, Glenn Humphrey and others from the Tamarack, Wright, Lawler, Palisade and Cromwell areas. This charter was approved and the State Bank of McGregor opened its doors for business on March 31, 1963. Email id not found