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| Northwoods Bank of Minnesota |
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Mission statement:
Core Values are those non-negotiable principles to which we ought to be accountable to in evaluating our present work and our future plans. These core values are to serve as guideposts and our conscience when fulfilling our mission and achieving our vision. They define the way we do business, guiding every decision we make.
Our Core Values
We will demonstrate honesty and integrity in all our dealings with fellow employees, customers, and business partners.
We will treat all people fairly and with respect, listen to them and involve them.
We will be truly customer-focus oriented - strive to truly understand our customers' needs and meet and exceed our customers' expectations every time.
We care about our community. We will strive to serve our community well and encourage employee involvement and participation in helping to enhance the quality of life in our area.
We will continually strive to improve and innovate our products, process, employees, and services so we can contribute to our customers' success and make a difference in people's lives.
We will encourage leadership and empower our employees with the authority to make decisions, while holding them accountable for such decisions.
Core Purpose is our organization's reason for being. It's what guides us and inspires us.
Northwoods Bank's core purpose is to develop and deliver innovative financial products and services that help people fulfill their dreams and goals of a better life for themselves and their families. |
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History:
Northwoods Bank of Minnesota has an interesting history, from the chartering over three quarters of a century ago, through the depths of the depression, the many changes in the '80s, and the implementation of technology in today's banking industry. And, throughout those years, a member of the Hewitt family has been at the helm. Take a few minutes to read about our history and our goals for the future.
In the beginning
By 1919, the tiny community of Dorset had been thriving in the heart of Minnesota's lake country since the Great Northern Railroad built a depot there 26 years earlier. Located nearby for the convenience of local farmers were a grain elevator, potato warehouse, and stockyard. In the days before the automobile, tourists came to Dorset by train, sometimes as many as 50 per day, met at the station by fishing camp operators with horse-drawn buggies. The Dorset skyline of the era included a hotel and restaurant, a general store and post office, a blacksmith shop and livery stable, a church, a school, a town hall, and, of course, a saloon.
The last business to be established in the early days of Dorset was the bank. Some of the local farmers and merchants decided they needed a financial institution nearby. They persuaded W.L and L.F. Cary, who owned a bank in nearby Menahga, to open an establishment in Dorset. The Farmers State Bank of Dorset was organized on September 25, 1919. Original stockholders included Peter Avenson, August Welge, George Olson, H.P. Manlove, C.J. Johnson, Carl Warke, and Hans Arvik. For a short time, the bank operated out of Peter Avenson's general store, then from a log building nearby.
Less than a year after they established the bank, the Cary brothers sold their interest to J.C. Hewitt and his son, C.R. Hewitt, in June 1920. The Hewitts then erected a bank building a block east of main street, facing the railroad tracks. Train passengers would see immediately that Dorset was a flourishing town with its own financial institution. The '20s were prosperous years for the bank. C.R. Hewitt earned a salary of $100 a month as cashier, while board directors were paid annual fees of $10.
A store, with living quarters above, occupied half of the bank building. In 1926, rooms were rented to B.O. Quale, who established a lumberyard in town, for $7.50 per month. Potatoes were selling for 15ยข a bushel. Tragedy struck the first family to occupy the other half of the bank building. The wife was a school teacher and her husband ran the store. After a raucous party one night, a guest was killed by his own gun. Whether it was murder or suicide is a mystery to this day.
The Great Depression strikes
When the stock market crashed on Black Monday in October 1929, a depression settled on the country. There was a run on many banks throughout the nation, but depositors were confident in the stability of Farmers State Bank of Dorset. However, the federal government declared a National Bank Holiday in 1933, and the bank was forced to close its doors for almost a month. Local businesses accepted creamery checks as legal tender during the closure. The Dorset bank was one of the first in the country to reopen three weeks later during the first week of March.
The April 6, 1933, issue of the Park Rapids Enterprise reported: "The bank reopened with no restrictions on accounts, and patrons of the institution showed their confidence by increasing the bank's deposits more than $1,000 the first day." Assets in June 1933 were $41,560. Not a single depositor lost even a dime.
In July 1936, the bank was moved from its location facing the railroad tracks to a building across from the general store. The move was to take about 10 days, including transportation of the large vault. But, it was a hot, dry summer, and the thermometer hit 109 degrees, with temperatures over 100 for an entire week in July. Instead of 10 days, the move took 10 weeks. Once relocated, however, the bank remained in the same building for almost 50 years. The year of the move, C.R. Hewitt's monthly salary was $125, and directors received $30 per year. Total assets for 1936 were $73,618.
Hewitts have strong ties to the bank
In 1951, C.R. Hewitt became bank president. His son, Gordon, assumed the position of cashier. The promotion doubled the elder Hewitt's salary to $250 a month. Total assets were $686,000. A year later, the bank remodeled both the interior and exterior. The familiar brick-fronted building graced Dorset's main street for almost 50 years. It was during the '50s that the community became famous in Ripley's Believe It or Not as the nation's smallest town with a bank. In 1954, George Grimm's column in the Minneapolis Tribune featured Farmers State Bank as having the highest per capita deposits of any bank in the upper Midwest.
Gordon Hewitt was appointed president when his father retired in 1967. By that time, the assets had increased to $2,263,000. When the bank reached the half century mark two years later, assets were at $2,642,820.69. In 1976, the bank was remodeled once again. The brick was pulled off the building face and replaced by a modern batten and shingle. That look still adorns what is now Woodstock North, a gift shop and tearoom. The original 1919 vault is now used to display gift items.
In early 1978, Gordon's son, Mark Hewitt, was appointed executive vice president. He became the fourth generation of Hewitts to manage the bank. In the summer of that same year, a branch office was opened in Nevis in the old State Bank of Nevis building. When the 60th anniversary was celebrated a year later, bank assets were at $7,553,000.
Changes abound in the '80s
In 1980, a new building was erected to house the branch office in Nevis. At that time, approximately 40 percent of the business was in Dorset, 60 percent in Nevis. Three years later, the bank opened a drive-up facility on the outskirts of Park Rapids. President Mark Hewitt washed the car of each person who opened a new checking or savings account at the grand opening on July 30, 1983. After the Park Rapids facility opened, the traffic pattern changed. Nevis accounted for half the bank's business, while 37 percent of the business was conducted in Park Rapids and only 13 percent in Dorset.
Sixty-five years after Farmers State Bank of Dorset was chartered, the name was changed to Northwoods Bank of Minnesota. The new name, which became official in September 1984, better identified the geographical and demographical customer base. Another major change occurred when construction was completed on a 4,000-square-foot building at the site on Highway 34 east of Park Rapids with four teller stations and two drive-up lanes. When the permanent office opened in Park Rapids, business in Dorset dropped to only four percent of the total. The institution's assets increased 24 percent that year. The board of directors decided to relocate the charter to Park Rapids, and in the summer of 1986, an era came to an end. Television crews and Associated Press reporters covered the closing of the bank in Dorset. At that time, Northwoods Bank had approximately $16 million in assets and 16 employees.
When asked if the Hewitt family will continue to be involved with the bank, Mark Hewitt said, "Well, I'm only in my early forties, so I'll be here for awhile." Whether his children continue the tradition remains to be seen. Hewitt notes that the increasing burdens of managing a bank in a highly regulated industry have caused many bank owner's to sell or merge with larger institutions. "I'm firmly convinced that communities are better served by small, independent banks such as Northwoods," Hewitt continued. "Hopefully, the locally-owned and operated bank will continue to be a vital part of rural America."
Keeping up with technology
Northwestern Financial Review named Mark Hewitt 1995 Banker of the Year and featured the Northwoods Bank president in the January 21, 1995, issue of the magazine, which covers the banking industry in Illinois, Iowa, Minnesota, Montana, Nebraska, North and South Dakota, and Wisconsin. According to the article by staff writer Elizabeth Pike, Mark was selected "because of the extent to which his interest in technology may benefit his bank and other community bankers throughout the Upper Midwest."
As First Vice Chairman of Independent Community Bankers of Minnesota (ICBM), Mark was instrumental in developing FutureBank'94. This innovative technology expo featured vendors who displayed and demonstrated their technology to bankers in the Upper Midwest. Mark, who took over as chairman of ICBM the following year, served as technical advisor for Future Bank's "Community Bank of the Future." He is concerned with staying current with the fast-paced advances in technology and its effect on improving service to customers.
At Northwoods, we use computer software to manage customer information, enabling our bank personnel to immediately access information regarding your accounts. This provides you with quick and efficient service. Northwoods Bank also introduced 24-hour telephone banking capabilities, a time and temperature hotline, and a database of rental properties in the area.
Under Mark Hewitt's capable leadership, Northwoods Bank will remain on the cutting edge of banking technology to provide the best possible service to our customers. But, you can be assured that at Northwoods, you will always be much more than simply an account number. So, although there have been many changes in the bank's 82-year history, one thing has always remained the same--our commitment to you, our valued customers. |
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