The State Bank of Wisconsin and the Farmers' and Millers' Bank were established later in 1853.

The evidence

• “The first banks organized under the new law were the " State Bank," established at Madi^ son by Marshall & Ilsley, and the "Wisconsin Marine and Fire Insurance Company's Bank," established at Milwaukee under the old management of that company. These banks both went into operation early in January, 1853, and, later in that year, the " State Bank of Wisconsin " (now Milwaukee National Bank of Wisconsin), and the " Farmers' and Millers' Bank " (now First National Bank of Milwaukee), were established, followed in January, 1854, by the "Bank of Milwaukee " (now National Exchange Bank of Milwaukee). From this time forward banks were rapidly established at different points through the state, until in July, 1857, they numbered sixty — with aggregate capital, $4,205,000; deposits, $3,920,238; and circulation, $2,231,829.”

  1879-history-of-rock-county/04-wisconsin-railroads-commerce-health-statistics.md, PDF p. 189 / book p. 193

  Butterfield, C. W., et al. The History of Rock County, Wisconsin: its early settlement, growth, development, resources, etc. Chicago: Western Historical Company, 1879. Cornell University Library via the Internet Archive, archive.org/details/cu31924028871585.

  Grade A: Found on a page of one of our sources