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| Additional information |
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| Farmers State Bank of Trimont |
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History:
The Farmers State Bank of Monterey was incorporated on the 23rd day of November 1912 by a group of local farmers and businessmen with leadership from F.S. Schwalen of Triumph, Minnesota, who was also the majority stockholder.Original Incorporators and Stockholders:
E.W. Mayer, Triumph Andrew H. Anderson, Monterey C.H. Mikosch, Alpha
P.J. Erickson, Monterey Emil Olson, Odin F.S. Schwalen, Triumph
A.J. Peterson, Monterey John A. Erickson, Monterey John Porisch, Alpha
M.S.A. Johnson, Monterey C.A. Johnson, Monterey Charles Swanson, Monterey
Olof Anderson, Sherburn John Palmberg, Monterey Carl Sjogren, Monterey
Many of the above men were also members of the first Board of Directors and F.S. Schwalen served as President and M.S.A. Johnson as Cashier. During those early years all records and accounts were hand posted, a practice that continued for many years.
At the annual meeting on January 4, 1917, the election of C.E. Landin as President and Alfred E. Peterson as Cashier, positions they held through 1930. In January 1931, Alfred Peterson was elected Vice President and at the time the total holdings of the bank were reported as $218,337.81.
On March 4, 1933, in the depth of the Depression, the Federal Reserve Banks and the Governor of Minnesota declared a bank holiday, “closed all banks in the State of Minnesota until further notice”, a holiday which lasted a week with some banks never reopening. Following this period, the Federal Reserve Act was amended providing Federal Deposit Insurance with the bank receiving its certificate effective July 1, 1934, insuring deposits to $5,000.00.
On September 4, 1943, Alfred Peterson was elected President upon the death of C.E. Landin and Elmer Peterson was elected Vice President and Cashier.
Leslie Peterson joined the bank staff in December 1952 and was elected Assistant Cashier in January 1953. Total assets of the bank as of January 1, 1953, were $1,398,789 and total capital was $99,169. Darwin Anthony joined the bank staff in 1961. Following the retirement of Walter Benson and Alfred Peterson in 1974, the bank came under the management of Leslie Peterson, President, and Darwin Anthony, Vice President. Today, the bank provides the community with convenient and modern banking services. With loyal community support, the bank has continued to grow locally and even expanded with the addition of First National Bank of Dunnell. Total holdings of the bank on December 31, 2009, were $55,921,000 with loans to the community of $30,825,000. |
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