After graduating from high school, Lloyd Amundson, owner of First Security Bank-Renville, enlisted in the Navy Air Corps. Before entering the armed forces, there was little prospect for Mr. Amundson to go on to college. But a new world of opportunity was opened to him through the G.I. Bill where, under law, all veterans would have their college education paid for. Over the years Mr. Amundson has acquired 7 charters that include 13 banks.

Lloyd and his wife Barbara reflected on their life in 1992, wondering what they could do to give back some of the good fortune they had experienced in their lifetime. Recalling how the G.I. Bill had allowed him to get his college education, the Amundsons wanted to give young people a chance at a future also. Lloyd and Barbara proceeded to endow a scholarship fund of 5 million dollars with the idea that only the earnings off the principal would go to the scholarships. This way, the scholarships could virtually go forever.