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State Bank of Kimball

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State Bank of Kimball

History:

State Bank of Kimball was founded in 1901, the first bank in the Kimball community. State Bank of Kimball is a “state” bank, meaning that its charter is granted by the State of Minnesota.

The original shareholders of the bank were most likely from outside the community. Almost all had “Yankee” surnames, suggesting that the German and Scandinavian settlers had not yet made their full presence in the community known. The first president of the bank was George Sherwood, a respected medical doctor who lived in Kimball well into the 1950’s.

The great depression of the 1930’s had a signficant impact on the State Bank of Kimball. With unemployment at staggering heights and widespread crop failures, coupled with occasional depositor panic, many banks failed. In 1933, conditions became so bad that President Franklin D. Roosevelt declared a bank “holiday”, shutting down banks for a week to calm tensions. This shutdown, along with the establishment of the Federal Deposit Insurance Corporation (FDIC), which guaranteed deposits up to $5,000, helped restore confidence in the nation’s banking system.

In April 1933, the State Bank of Kimball acquired the assets of the failing People’s Bank of South Haven. However, by August of that year, the State Bank of Kimball was also in need of assistance. This aid was provided by a loan from the federal Reconstruction Finance Corporation, which purchased preferred stock in the State Bank of Kimball that was finally paid off in 1940.

The acquisition of the South Haven bank also brought with it cashier E.A. Erickson, later to become president and owner of the State Bank of Kimball. His son, Elwood E. Erickson, succeeded him as president. The Ericksons sold the State Bank of Kimball in 1985 to the current owners, the Meyersons of Atwater, who also own a bank in that town.
Following the sale, the State Bank of Kimball saw difficult times during the agricultural crisis of the 1980’s. The bank quickly recovered and in 1990 built a branch in St. Augusta, that won an award for its design. By 2007, the bank had grown over 6 times its size since 1990. In 2004, the St. Augusta office was remodeled to accommodate growth in the area.

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