Redwood County, Minnesota - Chapter 39: Banks and Banking, 1916

The banking industry in Redwood county dates from 1871, when W. F. Dickenson and George W. Braley reached Redwood Falls. George W. Braley established the Redwood County Bank, which, after successive changes, is now the First National Bank of Redwood Falls. W. F. Dickenson, with Major M. E. Powell, established the Bank of Redwood Falls, which, after successive changes, is now amalgamated in the State Bank of Redwood Falls.

The county now has twenty-one State banks and two National banks. The State banks are : The State Bank of Redwood Falls, the Redwood County State Bank, the Farmers' State Bank of Belview, the State Bank of Belview, the State Bank of Clements, the Delhi State Bank, the State Bank of Lamberton, the Lucan State Bank, the State Bank of Milroy, the Farmers and Merchants State Bank of Morgan, the State Bank of Morgan, the Security State Bank of North Redwood, the State Bank of Revere, the Farmers' State Bank of Sanborn, the Sanborn State Bank, the Security State Bank of Seaforth, the State Bank of Vesta, the Citizens State Bank of "Wabasso, the First State Bank of Walnut Grove, the Walnut Grove State Bank and the State Bank of Wanda. The National banks are the First National Bank of Redwood Falls and the First National Bank of Lamberton.

The First National Bank of Redwood Falls had its beginning in 1871, when George W. Braley came to Redwood Falls and started the Redwood County Bank. In 1880 it was bought by Hial D. Baldwin and C. T. Ward. In 1891 the institution became a state bank, but retained the same name. May 28, 1901, it became a national bank, with A. C. Burmeister as president, Hial D. Baldwin as vice president, and Herbert A. Baldwin as cashier. The present officers are: President, H. A. Baldwin; vice president, A. C. Burmeister; vice president, Emil Kuenzil; cashier, F. W. Zander; assistant cashier, C. H. Baldwin; assistant cashier, Robert V. Ochs. The bank has a paid up capital of $35,000 ; surplus and profits, $13,500 ; deposits, $480,000 ; loans and discounts, bonds and securities, $440,000 ; cash and exchange and due from banks, $95,000.

The Bank of Redwood Falls. William F. Dickinson came to Redwood Falls in 1871, and with Attorney M. E. Powell established the Bank of Redwood Falls. Later, a stock company was organized with a capital of $10,000. In time, however, Mr. Dickinson acquired all the stock of this company. In 1891 it was made a state bank, still retaining the same name, with William F. Dickinson as president and George W. Dickinson, his son, as cashier. Mr. Dickinson died about 1900. In 1903 the bank was absorbed by the State Bank of Redwood Falls.

The State Bank of Redwood Falls. The Gold-Stabeck State Bank was organized at Redwood Falls in 1901. In 1903 the name was changed to the State Bank of Redwood Falls, and the old Dickinson bank absorbed. The capital of the Gold-Stabeck State Bank was $25,000. This was increased to $35,000 when the State Bank of Redwood Falls was organized. In 1912 it was increased to $50,000. W. H. Gold has always been president, and John P. Cooper has always been vice president. The first cashier was William H. Wallace, later succeeded by R. A. Cooper. The assistant cashier is J. D. McLean. The bank has a paid up capital of $50,000 ; surplus and profits, $20,000 ; deposits, $510,320 ; loans and discounts, bonds and securities, $484,020; cash and exchange and due from banks, $84,350.

The Gold-Stabeck Land & Credit Co., then located at Renville, in this state, became interested in Redwood county about 1897, and opened a bank at Belview. In 1897 a bank was established by this company at Revere, and in 1898 banks were established at Wabasso and at Vesta. An office was opened in Redwood Falls in 1900, the Gold-Stabeck State Bank established the following year; and the State Bank of Redwood Falls in 1903.

The Gold-Cooper Securities Co. was organized in 1903 with a capital of $25,000, for the purpose of handling first mortgage farm loans. J. P. Cooper has always been president, and W. H. Gold, secretary. Glenn W. Gold is the vice president.

First National Bank of Lamberton was first organized as the Citizens State Bank of Lamberton, June 1, 1892, by L. M. Street, John Street, Frank Schandera, Charles Chester, Kedie Kneeland, Louis Chester, J. H. Roth, R. Morton, Henry Bendixen, Peter Reunitz, Peter Bendixen and W. C. Brown. The first officers were : Henry Bendixen, president ; Charles Chester, vice president; John Street, cashier. In July, 1902, Henry Bendixen resigned as president and shortly after Wilson C. Brown was elected to fill that position. The capital stock and surplus was $25,000.00. In August, 1901, John Street resigned as cashier and George J. Grimm became his successor. The first building occupied by the bank was a one -story frame, which stood on the site of the present two-story brick building, which was erected in 1893. On April 2, 1904, this bank was converted into the First National Bank, there being no change in the capital stock. The surplus, however, had increased to $7,500.00. There was no change made in the official staff, except that H. M. England was elected assistant cashier. In May, 1915, Wilson C. Brown died, Frank Clague was subsequently appointed president. The bank has always done a strictly commercial banking business, has been careful and conservative, and is one of the few banks that has never yet issued a statement on which it was necessary to show any sistant cashier. 1915 - A. 0. Gimmestad, president; C. Knutson, vice president; C. C. Enestvedt, cashier; Oscar Gimmestad, assistant cashier. The policy of the hank is progressive-conservative. The present hoard of directors is composed of A. 0. Gimmestad, C. Knutson, Daniel McKay, C. Olson, Anton Weidemann, P. A. Hanson and H. F. Hagen. The financial statement for June 30, 1916, was as follows: Resources - loans and discounts, $200,- 217.18 ; overdrafts, $367.41 ; banking house and fixtures, $3,350.00 ; cash and due from hanks, $18,061.02 ; other real estate, $6,800.00 ; checks and cash items, $173.79; paid out for expenses in excess of earnings, $467.95 ; total, $229,437.35. Liabilities - capital stock, $15,000.00; surplus, $11,000.00; total deposits, $203,437.35; total, $229,437.35.

The Farmers' State Bank of Belview came into existence September 27, 1910. Banking conditions, at that time, were such that a few enterprising citizens thought the time ripe for a second bank in Belview and accordingly G. F. Rahn, Dr. P. H. Aldrich, R. E. Gryting, Frank Martin, S. F. Peterson, L. T. Braafladt and E. D. Collins set out to organize a new bank. Money was so plentiful and faith in the new enterprise so sure that in two days the shares were all sold and on the date above mentioned the bank opened for business in the building now occupied by H. O. Hegdal's salesroom. The first set of officers was as follows: L. T. Braafladt, president; Dr. F. H. Aldrich, vicepresident; G. F. Rahn, cashier. The new institution was prosperous from the opening day. In fact, it rapidly outgrew the building in which it was started, and a new concrete fire-proof and a strictly burglar-proof safe for its vaults was decided upon and carried to a successful culmination when on March 21, 1911, the new building was occupied. Steady and healthy growth has marked the progress of the institution ever since.

The second change in officers was made in 1911, when L. T. Braafladt resigned. Dr. F. H. Aldrich was then elected to the presidency, and he served in that capacity until March, 1914, when he was succeeded by S. F. Peterson, with R. E. Gryting, vice president; G. F. Rahn, cashier, and C. R. Rahn, assistant cashier. These officers are now serving. The capital stock at organization was $10,000, with no surplus. No changes have been made in the capital stock, but a surplus of $1,500 has been created. During the past year the building has been remodeled and the old front taken out and replaced with a white enameled brick front, at a cost of $2,000.00; also a panel ceiling placed in the interior. The bank now has deposits of $66,000, and has declared ten per cent dividends to its stockholders annually, with excellent prospects of larger returns in the future, notwithstanding that money can now be had on bankable notes, at eight per cent, a condition which did not obtain when the bank was started, ten per cent being the rate then asked and received. Conservation is the watch word of the bank and this policy is more than carried out by its board of directors, seven in number, each of whom is as reliable as the Rock of Gibraltar. The bank's statement September 12, 1916, was as follows : Resources - loans and discounts, $75,490.71 ; overdrafts, $49.00 ; banking house, furniture and fixtures, $5,623.10; due from banks, $5,969.57; cash on hand, $2,810.04; checks and cash items, $36.48; total, $89,- 978.90. Liabilities - capital stock, $15,000.00; surplus, $3,000.00; undivided profits, net, $60.70; deposits, $71,918.20; total, $89,- 978.90.

The State Bank of Clements was incorporated August 28, 1902, by M. Lehrer, A. C. Ochs, John B. Schmid, Wm, G. Frank, Jno. R Schmid, H. C. Warnke, Jos. Epple, and Julius A. Schmahl. The bank opened for business September 1, 1902. The first officers and directors were: President, H. C. Warnke; vice president, A. C. Ochs; cashier, Jos. Epple; board of directors, Jos. Epple, H. C. Warnke, M. Lehrer, William G. Prank, and A. C. Ochs. The institution owns its building, which was erected during the summer of 1902. H. C. Warnke and A. C. Ochs have served as president and vice president ever since the organization; Jos. Epple acted as cashier from time of organization to July 1, 1908, at which time he was succeeded by Gust. Backer, who served in the same capacity until March 1, 1914, being succeeded by S. R. Kramer. The bank 's policy being to render every accommodation possible consistent with good banking. Its latest financial statement, September 12, 1916, reads as follows: Resources - loans and discounts, $92,875.73; overdrafts, $682.19; banking house, furniture and fixtures, $4,500.00 ; due from banks, $7,430.24 ; cash on hand, $2,471.33; checks and cash items, $1,691.38; paid out for expenses, etc., in excess of earnings, $79.86; revenue stamps, $30.00 ; total, $109,760.73. Liabilities - capital stock and surplus, $18,000.00 ; deposits, $91,760.73 ; total, $109,760.73.

The Delhi State Bank was established and opened for business as a private institution, October 1, 1902, under the name of Delhi Bank. It was incorporated as Delhi State Bank in 1911, the incorporators being: J. A. Piersol, A. R. Piersol and A. O. Gimmestad. The officers were: J. A. Piersol, president; Peter McKay, vice president; A. R. Piersol, cashier; Mary L. Piersol, assistant cashier. J. A. Piersol, Peter McKay and A. R. Piersol were directors. The present officers are the same, except that there are now two assistant cashiers, Grace Piersol and O. A. Bramsche having succeeded to that office in place of Mary L. Piersol. The bank owns its own building, which was erected in 1910. "Honesty is the best policy," is the motto of this institution. Although too close to the county seat to have a large and rapid growth, it has progressed steadily and intrenched itself in the confidence of the citizens of Delhi and the vicinity. Its statement at the close of business June 30, 1916, was as follows: Resources - loans and discounts, $64,943.11; overdrafts, $40.66; banking house furniture and fixtures, $4,807.11; cash and due from banks, $6,966.46 ; total, $76,757.34. Liabilities - capital stock and surplus and undivided profits, $11,761.92;' deposits, $64,- 995.42; total, $76,757.34.

Lucan State Bank. This bank was organized as the Redwood County Bank, July 1, 1905, with F. W. Stevens, president; A. Schmidt, vice president, and P. M. Dickerson, cashier. It was conducted as a private bank until January 14, 1908, at which time it was reorganized as the Lucan State Bank. F. W. Stevens has always been president. P. M. Dickerson was cashier until January 1, 1909, when Nels Larsen succeeded him and held the position until the latter part of the year, when he was succeeded by Anton Kramer. The assistant cashier is Jos. J. Zeug. Nels Larson was elected vice president in 1910 and has held this position ever since. The bank's last statement (September 12, 1916) shows the following items: Resources - loans, $110,249.01; overdrafts, $313.48 ; banking house and furniture, $4,500.00 ; cash and due from banks, $28,503.08 ; total, $143,565.57. Liabilities - capital stock, $15,000.00 ; surplus and profits, $7,067.27 ; deposits, $121,- 498.30 ; total, $143,565.57.

State Bank of Lamberton was incorporated September 6, 1898, with a capital of $25,000.00, and immediately began business. The incorporators were : F. Schandera, L. Redding, R. Morton, A. C. Ochs, Peter Manderfeld, John Koenig, John Haas, John H. Roth, M. Lehrer, Emil Swanbeck, J. L. Soch and Ferd Crone. In October, 1899, the bank moved into its newly completed building, constructed by A. C. Ochs. The first officers of the institution were: F. Schandera, president; A. C. Ochs, vice president; L. Redding, cashier; directors, F. Schandera, R. Morton, John Koenig, Peter Manderfeld and A. C. Ochs. The bank has prospered and has taken for its trade motto, "Security and Service," looking after the needs of the local community first and conducting a conservative business at all times. In October, 1913, the capital stock was increased to $30,000.00. In the bank's statement for September 12, 1916, the following resources and liabilities are shown: Resources - loans, $504,173.48; overdrafts, $1,163.32; furniture and fixtures, $4,144.66; banking house, $5,852.50; insurance account, $869.73; cash and due from banks, $34,966.56; total, $551,170.25. Liabilities - capital stock, $30,- 000.00; surplus, $30,000.00; deposits, $472,794.01; bills payable, $14,300.00; undivided profits, $4,076.24; total, $551,170.25. The present officers of the bank are : F. Schandera, president ; John Haas, vice president ; L. Redding, cashier ; Otto J. Schmid, assistant cashier; L. J. Wilt, second assistant cashier.

The Farmers and Merchants State Bank of Morgan. This bank occupies a fine ornamental building on the west side of Vernon avenue, and equipped with all modern equipment. Possessing a Twin city brick front with large, airy windows, the bank building makes a very fine appearance. It is finished on the interior with golden oak trimmings, and has customers' lobby, president's room, working room, big steel vault and directors' room. The vault is made of steel and is protected by a complete burglar alarm gong system, fully protecting the contents of the bank until time to open again. While not the oldest bank its deposits aggregated in July, 1916, $275,000 in round figures. The officers are : J. C. Jackson, president ; Emil P. Grabow, cashier ; C. B. Root, vice president ; Anna Jenson, assistant cashier.

The State Bank of Morgan was incorporated with a capital stock of $10,000.00, June 10, 1893, the incorporators being : H. M. Ball, F. W. Fixsen, Frank Billington, Horace G. Eaton, Hans Mo, Otto W. Hagen and George W. Somerville. The first officers were: Hans Mo, president; George W. Somerville, vice president ; H. M. Ball, cashier. The bank opened for business November 8, 1893. In 1904 the capital stock was increased to $25,000.00. After owning its own building for twenty-two years, from the beginning, the bank organized a building association in 1915 and erected a new building for its own occupancy. There has been but little change in officers during the life of the business. H. M. Ball is now president; F. W. Fixsen, vice president; William H. Ball, cashier, and L. M. Gerstmann, assistant cashier. "Honesty, stability and service is the aim of this bank and its officers." The report of condition at the close of business, September 12, 1916, shows the following resources and liabilities: Resources - loans and discounts, $330,928.31 ; overdrafts, $1,260.05 ; furniture and fixtures, $5,879.56; cash on hand and in banks, $29,931.47; other real estate, $3,600.00; total, $371,599.39. Liabilities - capital stock, $25,000.00; surplus, $12,000.00; undivided profits, net, $1,063.91; deposits, $333,535.48; total, $371,599.39. One of the first improvements to be spoken of in connection with the advancement of the village of Morgan is the three fine buildings built jointly by the State Bank of Morgan, Nels Jenson and Frank Gerstmann. Occupying a corner, 75 by 100 feet, at the intersection of Vernon avenue and Front street, the buildings are the first to greet the eye of the traveler as the train arrives from north or south. The first section, covering 25 by 75 feet, is the new building of the State Bank of Morgan. Two stories high of twin city brown brick, trimmed with Kasota cut stone, it makes a very commanding appearance, as one looks at it from any point of view. The interior is finished in English vein, Italian marble, trimmed with green and black Belgian marble. The bank proper has president's room, cashier's room, working department and directors ' room, with bubbling fountains within the building. On second floor the building is divided into seven commodious rooms occupied by Dr. Adams, M. D. ; Dr. W. "W. Carlile, dentist ; W. R. Werring, attorney, and the central telephone headquarters, running water in all rooms and connected with up-to-date toilet rooms.

The State Bank of Milroy was incorporated in 1902, by "William Bierman, William G. Frank, Thomas F. Kinman, John R. Schmid, Adolph Altermatt, Henry C. Warnke, A. C. Ochs and Julius A. Sehmahl, and opened for business June 17, 1902, with William Bierman, president ; Adolph Altermatt, vice president, and Thos. F. Kinman, cashier. The first board of directors consisted of William Bierman, Adolph Altermatt, William G. Frank, John R. Schmid and Thomas F. Kinman. The bank owns its own building which it has occupied since the fall of 1902. William Duncan, Jr., succeeded Thos. F. Kinman as cashier in February, 1902, and has acted as managing officer since that date. In January, 1909, the board of directors was reduced from five to three members, and at present consists of Adolph Altermatt, William Bierman and William G. Frank. In January, 1905, Adolph Altermatt was elected president and William G. Frank, vice president, and they have continued to act as such to this date. Otto J. Schmid was elected assistant cashier in January, 1904, and acted until March 1, 1910. He was succeeded by Benjamin R. Schmid, who still holds that position. The present official staff is as follows: Adolph Altermatt, president; William G. Frank, vice president; William Duncan, Jr., cashier; Benjamin R. Schmid, assistant cashier, and Hazell Streeter, stenographer. The bank has been conducted along conservative lines and confines its business to its Own locality. It has been instrumental in the agricultural development of the vicinity of Milroy, with its unlimited outlet for farm mortgage loans. The following is the banks' statement for June 30, 1916 : Resources - loans and discounts, $153,968.92 ; overdrafts, $928.99; banking house, furniture and fixtures, $7,664.81 ; cash and due from banks, $46,828.29 ; revenue account, $160.21; total, $209,551.22. Liabilities - capital, $18,000.00; surplus, $10,000.00; undivided profits, $2,556.80; deposits, $178,- 994.42; total, $209,551.22.

The Security State Bank of North Redwood was organized April 21, 1908, by F. A. Swoboda, M. C. Taubert, Charles Kuenzli, F. M. Shoemaker, Henry Timms, Louisa Weiss, Bernhard Kuenzli, H. W. Shoemaker, Frank Horejsi and George Evert. The institution started with a capital stock of $10,000.00, but no surplus. The first officers were : H A. Baldwin, president ; Joseph Fischer, vice president ; Frank Horejsi, cashier ; W. B. Clement, assistant cashier. Directors : H. A. Baldwin, Charles Kuenzli, Joseph Fischer, Henry Timms, F. A. Swoboda, F. A. Shoemaker and

Prank Horejsi. January 1, 1910, J. M. Hardy became cashier and served until January 1, 1913. The present officers and directors are : H. A. Baldwin, president ; H. W. Shoemaker, vice president; E. W. Currier, cashier; C. H. Baldwin, assistant cashier. Directors : H. A. Baldwin, H. W. Shoemaker, F. M. Shoemaker, Charles Kuenzli, G. Kuenzli and E. W. Currier. The bank now has an earned surplus of $3,000.00, and occupies a well-appointed and thoroughly up-to-date building. Its first consideration has always been the protection of its customers, for which reason it carries considerably more of a reserve than is required by law. It is a home institution for the benefit of the local public and does not make loans of a questionable nature in order to obtain a higher rate of interest. Its report of condition, September 12, 1916, contained the following items: Resources - loans and discounts, $107,110.88; banking house, furniture and fixtures, $1,500.00; other real estate, $1,575.00; total cash assets, $13,- 994.99; checks and cash items, $323.33; total, $124,504.20. Liabilities - capital stock and surplus, $13,000.00; undivided profits, net, $1,091.70; deposits, $110,412.50; total, $124,504.20.

The State Bank of Revere. This bank was established in 1902. The officers are: President, L. Redding; vice president, Charles Chester; cashier, J. E. Sawyer; assistant cashiers, C. E. Sawyer and N. R. Sawyer. The capital is $10,000; the surplus and profits, $6,000 ; the deposits, $73,000.

The Farmers State Bank of Sanborn was incorporated in 1911, by A. H. Dorn, "W. A. Gleason and P. E. Gleason and was opened for business August 21 the same year. The first officers were: F. E. Gleason, P. M. Dickerson and A. H. Dorn, while the directors were : P. E. Gleason, P. M. Dickerson, A. H. Dorn, C. Ripley, Fred Radtke, A. W. Nickel, Henry Essig, Herman Voge and J. R. Whelan. There has since been no change in officers. The staff consists of F. E. Gleason and A. H. Dorn, Mr. Dickerson not being active in the concern. The policy of the bank is to promote the business welfare of the community it serves and it stands, first of all for security and, next in importance, service. The following was the bank's statement of condition, September 12, 1916: Resources - loans, $153,675.09; overdrafts, $263.33; banking house, furniture and fixtures, $5,250.00; cash and due from banks, $17,419.24; total, $176,580.66. Liabilities - capital, $20,000.00; surplus, $3,000.00; undivided profits, $2,640.49; deposits, $150,940.17; total, $176,580.66.

The Sanborn State Bank was established in 1901. The officers are : President, F. W. Stevens ; vice president, E. J. Strom ; vice president, John Hagemann ; cashier, C. E. Melbye ; assistant cashier, D. G. Klein. The capital is $25,000 ; the surplus and profits, $10,000 ; and the deposits, $150,000.

The Security State Bank of Seaforth was incorporated September 8, 1904, by Alfred Soderlind and W. F. Mann, of Lake Benton, Minn. W. J. Soderlind was made cashier. In 1908 F. W. Stevens bought out Alfred Soderlind and others and has since been president of the institution. The same year F. E. Sylvester (now cashier of the new State Bank of Morton, Minn.) was cashier, and so continued until June 1, 1914, at which time the present cashier, Jos. Pistulka, was elected. The present officers are : F. W. Stevens, president ; Geo. H. Johnson, vice-president ; Jos. Pistulka, cashier; R. A. Johnson, assistant cashier. The directors include the above mentioned officers, together with H. J. Fink and J. C. Johnson. The bank 's statement, September 12, 1916, was as follows : Resources - loans and discounts, $69,- 300.10; overdrafts, $28.10; banking house, furniture and fixtures, $3,500.00; due from banks, $17,905.57; cash on hand, $2,168.14; checks and cash items, $303.85; total, $93,205.76. Liabilities - capital stock, $10,000.00; surplus, $3,000.00; undivided profits, net, $694.71; total deposits, $79,511.05; total, $95,205.76.

The State Bank of Vesta was organized February 1, 1900, by S. A. Hoyt and Harvey Harris. S. A. Hoyt was elected president and Harvey Harris, cashier. The bank was operated as a private bank and the management sold their interests in it September 1, 1900, to Gold-Stabeck & Co. W. H. Gold was elected president and A. A. Bennett, cashier. In 1902, A. A. Bennett was succeeded by L. H. Wallace as cashier. On January 1, 1904, S. F. Scott, formerly a law student of the University of Minnesota, at Minneapolis, but who had worked in the bank for four months previously, was elected cashier, and he bought the interests of L. H. Wallace in the bank and has been cashier since that date. September 1, 1904, the bank was incorporated under the laws of the State of Minnesota as State Bank of Vesta, with a capital stock of $10,000.00. In 1906 the bank increased its capital stock to $15,000.00 with a surplus of $3,000.00, and as it had outgrown its quarters a commodious building was erected on the corner, of Broadway and Front streets. The dimensions were 22x42 feet. It is built of pressed brick and Kasota stone with three large pillars of polished St. Cloud granite, supporting the corner over the entrance. The building is equipped with a fire and burglarproof vault and a burglar-proof safe, and also has an electric burglar alarm system of the most improved type. The present officers are : W. H. Gold, president ; J. P. Cooper, vice president ; S. F. Scott, cashier, and Henry G. Kramer, assistant cashier. The directors are : W. H. Gold, J. P. Cooper, both of Redwood Falls, and R. A. Peterson, F. H. Bendix and S. F. Scott, all of Vesta. November 1, 1914, the capital stock was raised to $20,000.00, and the surplus to $5,000.00. At this time a number of the prominent business men and farmers were given an opportunity to buy stock in the bank and they took almost the whole of the new stock issued at that time. The bank has always taken a hearty interest in the welfare of the town and adjacent country and has always been quick to help in any work to develop the business interests of the business men and farmers. The bank's statement for September 12, 1916, was as follows: Resources - loans and discounts, $156,400.98; overdrafts, $316.97; banking house and fixtures, $6,500.00; cash and due from banks, $28,948.28; total, $192,166.23. Liabilities - capital stock and surplus, $25,000.00; net profits, $1,321.81 ; deposits, $165,844.42 ; total, $192,166.23.

The First State Bank of Walnut Grove was organized as a private institution by L. Garlock, and by him operated until 1901, when he reorganized it as a state institution under its present title. After the fire, in the early spring of 1903, Mr. Garlock, holding the controlling interest in the bank, superintended the erection of the present two -story building on the corner of Main and Sixth streets. The bank is in a prosperous condition, and has some $165,000 in deposits. The capital, surplus and undivided profits amount to some $30,000. The officials of the bank are: President, W. E. Elliott; vice president, Charles Herder; cashier, A. H. Kemper ; assistant cashier, William Greenholz.

The Walnut Grove State Bank. In 1898 R. R. Freeman opened up a private bank under the name of Farmers and Merchants Bank, Walnut Grove, which he continued to operate until September 30, 1901, when it was merged into the Walnut Grove State Bank, which was organized and incorporated with a paidup capital of $15,000.00. The first board of directors consisted of R. R. Freeman, W. J. Swoffer, A. Swoffer, F. F. Goff, W. J. McDonald, D. O. Bulen and R. H. Thompson. A. Swoffer was chosen as president and has continued to hold that office up to the present time. F. F. Goff, as vice president, served until October, 1911, when he resigned to move to California and was succeeded by W. B. Harwood, who is first vice president at the present time. R. R. Freeman was appointed cashier and continued to serve until April, 1906, when he sold out his interests and was succeeded by William B. Harwood, who resigned in January, 1910. W. J. McDonald was then appointed cashier, and is still serving. F. J. Clark was assistant cashier from September, 1901, until January, 1906 ; E. W. Swoffer, January, 1906, to February, 1907 ; O. B. Dahlgren, March 1, 1907, to February, 1912; J. E. L. Lund, March 1, 1912, to March 1, 1914; J. S. Pederson, March 1, 1914, to November, 1914, and R. W. Blake from November 1, 1914, to the present time. The present board of directors consists of A. Swoffer, W. B. Harwood, J. F. Hesnault, Chas. Luard, E. W. Swoffer, Helge Johnson and W. J. McDonald. In January, 1914, the capital stock was increased from $15,000.00 to $25,000.00. January 15, 1914, the bank moved into the beautiful new building which they had erected on the south side of Main street and are now enjoying one of the most commodious banking rooms in the southwestern part of the state. The officers are: A. Swoffer, president; W. B. Harwood, first vice president; J. F. Hesnault, second vice president; W. J. McDonald, cashier; R. W. Blake, assistant cashier. The bank's statement of condition, June 23, 1915, was as follows: Resources - loans and discounts, $236,- 264.30; overdrafts, $426.65; banking house, furniture and fixtures, $8,986.00; cash and due from banks, $28,030.42; total, $273,707.37. Liabilities - capital stock and surplus, $28,000.00; undivided profits, $1,908.65; deposits, $243,798.72; total, $273,- 707.37.

The State Bank of Wanda was incorporated July 7, 1902, with a capital of $10,000.00 and began business the same day, the building having been erected in the spring of that year. Paul Doepke was the first depositor. The first board of directors consisted of M. Jenniges, John Gorres, Eugene Fernholz, P. O. Callaghan, Albert Spaulding, Mathias Eichten and S. A. Bellig, who held office until the first annual meeting. On January 13, 1913, M. Jenniges, Paul Doekpe, Mathias Eichten, John Gorres, Albert Spaulding, S. A. Bellig and P. O. Callaghan were elected directors; M. Jenniges was chosen president, Paul Doepke vicepresident and Paul A. Callaghan hired as cashier. Paul A. Callaghan left the employment of the bank in 1905, when Paul Doepke was chosen as cashier, which position he holds at the present time. The present directors are: C. Turbes, Mathias Eichten, Paul Doepke, S. A. Bellig, P. O. Callaghan, S. A. Bellig, Christ Luther and Nick Jenniges. The bank protects its shareholders and depositors by sound banking business and gives the community all of the accommodation needed in the development of the village and country, with a reputation second to none. The bank has added $1,000 each year to the surplus fund ever since Paul Doepke became cashier, which is a sure guarantee to the patrons of the bank of the honesty of its directors. In addition it paid a dividend of 10 to 13 per cent every year, and more recently has paid 18 per cent to its shareholders. The bank's first statement showed the following items : Loans and discounts, $1,964.48; banking house, $1,500.00; undivided profits, $28.46; due from banks, $10,445.40; capital stock, $10,000.00; deposits, $3,863.34 ; time certificates, $75.00. The f ollowing was the statement at the close of business December 31, 1915. Resources - loans and discounts, $122,453.98; overdrafts, $865.27; banking house, furniture and fixtures, $2,700.00; due from banks, $5,- 230.14; cash on hand, $3,713.00; total, $136,402.43. Liabilitiescapital stock, $10,000.00; surplus, $8,000.00; undivided profits, net, $3,844.94; notes rediscounted and bills payable, $9,610.00; deposits subject to cheek, $23,379.73 ; certified checks, $1,300.00 ;

Citizens State Bank of Wabasso was organized March 19, 1903, and opened for business July 7 of the same year. Its building, which it owns, was erected during that summer. The first board of directors was composed of N. J. Franta, A. J. Weldon, A. W. Mueller, Leo Altermatt, George Braun, George Goblirsch and A. C. Oehs. A. J. Weldon was elected president and F. W. Hauerstein, cashier. The latter remained cashier of the bank until November 16, 1903, when A. W. Mueller was elected to that office and held it until November 15, 1905. At that time the bank was consolidated with the State Bank of Wabasso and the officers of the latter became the officers of the Citizens State Bank of Wabasso, namely : W. H. Gold, president and Paul A. Callaghan, cashier. N. J. Franta was made vicepresident. The older bank, or State Bank of Wabasso, was organized as a state bank June 10, 1901, the officers at that time being: W. H. Gold, president; T. Stabeck, vice-president; O. T. Newhouse, cashier, and F. O. Orth, assistant cashier. The State Bank was an outgrowth of the Bank of Wabasso, which was a private institution. After the consolidation above referred to, W. H. Gold remained president of the Citizens State Bank of Wabasso until May 26, 1906, at which time his stock and that of his associates was purchased by William G. Frank, of Springfield, Minn., who became president of the institution on that date and has held the office up to the present date, September 19, 1916. Paul A. Callaghan is still cashier. In addition to the above-mentioned officers, N. J. Franta is vice-president, Emil Howe, assistant cashier, Elsie Howe, stenographer, and Henry Kramer, bookkeeper. The bank has always taken a stand for good service to its customers who in turn are loyal to it and believe in its policy. The bank was incorporated July 7, 1913. It has grown rapidly in deposits and volume of business. Its capital was increased from $15,000.00 to $25,000.00 at the time of its consolidation with the State Bank. The following items are copied from its statement issued at the close of business September 12, 1916 : Resources - loans and discounts, $265,571.93 ; overdrafts, $878.35; banking house, furniture and fixtures, $7,468.00; other real estate, $1,174.20 ; cash and due from banks, $32,799.85 ; total, $307,892.33. Liabilities - capital stock, $25,000.00; surplus, $5,000.00; undivided profits, net, $563.49; bills payable, $15,- 000.00 ; deposits, $262,328.85 ; total, $307,892.33.