Lewis S. Follett opened a banking business in Hastings with Edward and John Thorne in 1857 known as Thorne, Follett & Thorne. In 1859, the business was Thorne & Follett, and they were actively soliciting business in the local newspapers. In 1861, Follett left the partnership and joined Seymour Rennick to create the Bank of Hastings. The bank converted from private to state bank status in 1863.
Seymour G. Renick and L. S. Follett of Hastings filed to organize the Bank of Hastings on June 13, 1863 with a capital of $25,000. American Bank Note Company engraved a 1-2-3-5 plate. A total of $25,000 in notes was issued, and $441 was unredeemed in 1868. Notes were redeemed at par. The bank was converted into the First National Bank of Hastings, Charter 496, which honored notes of the state bank.