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| Additional information |
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| Center National Bank |
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Overview:
Center National Bank is your hometown bank with the hometown service. We are constantly adding products and services to make your life easier. Stop in today and see how we can help you! |
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History:
Late in 1890, a group of residents of Litchfield decided to start a bank and call it Bank of Litchfield. It opened for business in January 1891. Bank of Litchfield became the State Bank of Litchfield, then First State Bank of Litchfield, then First Bank Litchfield, then First Bank Central, and then the current name of Center National Bank.
Bank of Litchfield was located on North Sibley Avenue and was occupied temporarily while the building was under construction. Fire destroyed this building and a new building was constructed at the same location. The bank was moved to the present site of 301 North Ramsey Avenue in 1978. Extensive remodeling was done to the bank building in 1999 with moving the teller area to the center of the lobby and adding new offices around the sides of the bank.
In 1929, Bank of Litchfield, as was common with most banks in the Midwest, needed an infusion of new capital because of loan losses caused by depressed agriculture and general economic conditions. This was the year First Bank System (FBS) purchased the controlling interest of the bank. Local capital was not available as investors were reluctant to buy stock in a bank in Minnesota. At that time, if a bank failed, the stockholders not only lost their investments, but were liable to the depositors for an amount equal to the par value of the stock they held. This requirement was changed in the early 1950s. To prevent wholesale closing of banks, FBS supplied new capital for various banks including Bank of Litchfield. The capital of the bank prior to this was $150,000 and the stockholders raised an additional $150,000 to offset loan losses. FBS also contributed new capital of $150,000. Losses however continued and FBS had to contribute an additional $200,000. If this had not been done, the bank would have been closed and the depositors would have been fortunate if they would have received 50% of the amount on deposit from the liquidation of the assets of the bank. This was before FDIC insured the deposits up to $100,000 (now $250,000).
The bank has been open for business regularly except during Bank Holiday in early 1933 when all banks in the United States were closed by order of President Roosevelt. When the order was lifted, the bank was able to reopen immediately. All banks were not this fortunate.
In early August of 1985, without any early warning or expectation, the bank was informed through a regional meeting of CEOs that the Litchfield affiliate, along with approximately 44 other FBS locations, would be immediately be put up for sale. In addition, FBS announced at the same time that major efforts on the part of the corporation would be made to attempt to sell those entities back to groups that would include local management, board, and staff. Bob Sparboe, who had been on the board since 1981, expressed a very keen interest in the bank's future and its potential acquisition. Negotiations were opened in September 1985 with First Bank. The Litchfield affiliate was formally sold on June 30, 1987, at which time the new name, Center national Bank, was also adopted. Doors opened on July 1, 1987, as an independent banking organization with approximately $36 million in assets. The board members of the new entity were as follows: Robert Sparboe, chairman , LaVon Grotto, Ed Kopplin, Ron Leaf, and Vern Smith. On January 1, 1997, Dave Daeges took over as president of Center Bank. During the ensuing years, Center Bank has grown to $136 million in assts and continues to be a locally owned hometown bank that focuses on service to Meeker Country and the surrounding area.
Numerous employees have come and gone during the years. Current employees that have been at the bank for 25 years or more include Loree Schultz, Mary Geers, and Peg Shaw.
Presidents of the Bank
Col. J.M. Howard, 1891
Andrew Nelson, 1892-1908
T.F. McClure, 1908-1931
Lyle Scholes, 1931-1936
C.W. Wagner, 1936-1941
A.E. Pfiffner, 1941-1947
Garry Hollaar, 1947-1972
Les Herzog, 1972-1983
Vern Smith, 1983-1996
Dave Daeges, 1997-present
CEOs of the Bank
T.F. McClure for 44 years
A.E. Pfiffner for 12 years
Garry Hollaar for 26 years
Les Herzog for 11 years
Vern Smith for 14 years
Dave Daeges, 1997 to present
Directors of the Bank
In addition to the ten presidents, the bank has had outside directors. They have people who are successful in their own businesses or professions. Four generations of Kopplins and two Leafs have served along with four past and present managers of First District Association. All directors have served well and were helpful in having the bank fulfill its purpose of service to the citizens of Meeker County. Current directors of the bank are Beth Sparboe-Schnell, Clint Fall, Mike Boyle, Wayne Carlson, Terry Anderson, Garth Sparboe, and Dave Daeges. |
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