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Kanabec State Bank

History:

Kanabec State Bank (a.k.a. Quamba State Bank) was granted its Charter on May 17, 1917 with Capital Stock of $10,000, Surplus of $3,000, Undivided Profits of $500, and deposits of $13,000.

KSB was originally located in Quamba. Charles Peterson was the president of the bank and was also the operator of the General Store in Quamba and the Postmaster. Frank Powers became involved with the bank in 1919 and was paid a salary of $100 per month. He owned one share of stock, which was purchased for $120. He continued to buy all available shares, and as a consequence, became the majority stockholder and president.

Interest rates on loans in 1919 were 10%, real estate loans 6% plus a $50 fee, and a second real estate mortgage was 8%. Savings Deposits were 5%, and Certificate of Deposits 6%. Some of the original stockholders were Carl Johnson, John Dahlman, and Peter Dahlman.

Back in the 1900's there were no Federal Regulations and the State examined the Bank every six months. There were four trains a day that went through Quamba; the Examiner would arrive on the 10 o'clock train and would be through in time to catch the 1 o'clock train back home.

The Quamba State Bank was moved to Mora in February 1932 and changed its name to Kanabec State Bank. It was originally going to merge with The First National Bank of Mora; however, that bank was closed in 1931. KSB moved into the First National Bank location, which is now The Bread and Honey Pantry. There was also another bank in Mora at this time, The State Bank of Mora, which was located where Stahlke's parking lot is now. This bank was closed in the 1934-35 era. In 1959 KSB moved from its quarters at 29 North Union Street to its third location at 124 Maple Ave East. That facility experienced two major remodeling projects - the first in 1970 and the second in 1991. On April 14, 2008 Kanabec State Bank moved to its current location at 730 Forest Avenue East.

The bank has had only four owners over the past 90 years. Frank Powers (1927-1963), I. C. Rasmussen (1963-1968), Robert Hadlund (1968-1972), and the current owner, O. J. Tomson (1972 - present). In 1942 stockholders of the bank organized Kanabec Credit Company, which is a one bank holding company. Kanabec State Bank continues to be a financial leader in Kanabec County by extending professional and courteous service to our customers. KSB maintains a strong capital base and a quality loan portfolio. Kanabec State Bank is an independent, family-controlled bank and fully intends to remain independent. We will continue to grow as financial leaders and will always be dedicated to serving our community.

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