In 1885, James H. Davis and Horace F. Flint entered the banking business with $20,000 in capital. On July 25 Articles of Incorporation were signed to form the First National Bank. On September 29th, 1894 the shareholders met and voted to re-organize the business of the First National Bank into the Exchange Bank. By 1931 the total assets of the Exchange Bank were $128,079. From 1931 until 1960 the assets of the Exchange Bank grew to $1.4 million.

In 1962 a new bank building was built and still serves as the Gibbon location today. In 1989 the bank was sold to the present owners. The bank expanded to Grand Island in June of 2004, where they currently have two locations. In 2011, Exchange Bank merged with Nebraska National Bank of Kearney. In October of 2014 Exchange Bank welcomed its sister Bank First National Bank & Trust of Junction City Kansas to the Exchange Bank Family. Currently, the assets of the Exchange Bank are in excess of $700 million.