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| The Greenwoods State Bank |
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History:
Greenwoods State Bank-1883
For the commencement of Greenwoods State Bank we must go back to 1883 when Lake Mills was a village of 700 inhabitants without a foot of cement walk , a rod of hard surfaced road or a street light worthy of the name. The banking business of this village went mostly to Jefferson and Watertown. There was much talk locally about the benefits of a bank and how one could be obtained, but without concrete results. This talk finally reached the ears of Charles F. Greenwood, a young man residing on a farm two miles east of the village. This man had faith, vision and initiative. He concluded Lake Mills would grow and support a bank and invited his brother Arthur W. Greenwood to make the venture with him. Greenwood Brothers, Bankers was the name under which the bank first operated.The first bank in Lake Mills opened for business on October 22, 1883.
During the early years of its operation it required some patience to educate the public to use the facilities provided by a bank. Up to this date all business was carried on with cash. Even in large transactions cash was to be provided, slowly counted, recounted and tied up with strings. However, the public early on learned the convenience and safety of paying bills with checks. In 1893, the Greenwood brothers took out a State Bank Charter under the present name Greenwoods State Bank with a capital of $25,000.
The bank was remodeled in 1900 with a second story added. Today, this building is occupied by Countryside Jewelry. Owner John Black has maintained the historic integrity of the building and kept the original bank vault in operation.
In 1920, a new bank building was constructed. The classic facade is a reproduction of classic Greek architecture first appearing about 320 B.C. The new bank featured a spacious interior with the latest banking equipment. Charles F. Greenwood was president, Arthur W. Greenwood was vice president and George E. Greenwood was cashier. Future expansions enlarged the bank adding a drive-up window, an additional vault, expanded lending area, conference rooms, a bookkeeping department and storage area.
The Vail Era 1981-2007
The history of Greenwoods State Bank from 1981 through the present can certainly be coined the “Vail Era” in Lake Mills banking. In 1981 Bradford Vail purchased the bank whose assets totaled $17.6 million and began a career as president that would last until 2004. Mr. Vail’s tenure of 22 years is the second longest term for any presidents of Greenwoods State Bank except for the bank’s namesake. Only Charles F. Greenwood, who served from 1883 until 1925, would have a longer term as president.
The Bank under Bradford Vail’s leadership would see tremendous growth in assets, stature and reputation. Vail believed that as an independent community bank “we should offer big and better service with a personal touch, one would expect from your community bank”. It was this philosophy along with the enhancements of new and unique products and services that would provide the basis for the growth to come.
Many changes and improvements occurred during this time period. Of major note was the beginning of in-house data processing, introduction of check card and ATM services, telephone and Internet banking along with check imaging. The legacy of Greenwoods State Bank was strengthened by the commitment and contributions of Bradford Vail as president.
This legacy would continue with a change in leadership and Bradford Vail’s retirement in 2004. Randall Vail, Bradford’s son and a current commercial loan officer, would succeed his father as bank president. The Bank continued to grow under Randall’s leadership and by 2007 exceeded $42 million in assets.
Greenwoods State Bank Today
In September of 2007, Greenwoods Financial Group, Inc., a Wisconsin company acquired 100% of the stock of The Greenwoods Bancorporation, Inc. which owned the 124 year old Greenwoods State Bank. The transaction had regulatory approval and was approved by the board of directors of Greenwoods Financial Group, Inc. and The Greenwoods Bancorporation, Inc
The Board of Directors of Greenwoods Financial Inc. is headed by founders Daniel Strause, Thomas Shipley, Mark Melum and Michael Weber. Melum, formerly of Johnson Bank and Associated Bank, will serve as the CEO of the combined organization, and Weber, formerly of Associated Bank and M&I Bank, will serve as President of the Bank, Randy Vail, the President of The Greenwoods State Bank, will serve as President of the Lake Mills Region for the Bank and Thomas Shipley will serve as Executive Sr. Vice President for Business Development. Other bank directors are Rob Andringa, Nancy Elsing, Otto Gebhardt III., Marv Siegert, David Roark and Dr. Juliet Slavens. Bradford Vail, former Greenwoods State Bank president will serve the bank board in an emeritus role.
Greenwoods State Bank continues to operate as a full service community bank offering comprehensive banking services to the residential, commercial, industrial and agricultural customers. These services include personal and business accounts, commercial loans, real estate mortgages and personal loans and other client services. The Bank intends to expand its market penetration by offering customer friendly on-site banking and off-site banking that provides customers ease in transactions and superior service. In addition, the bank now intends to provide comprehensive banking services and products to independent pharmacy owners through established relationships with certain large service providers to the independent pharmacy market.
The main office of Greenwoods State Bank will remain in Lake Mills, Wisconsin. The Corporation plans to have two additional branch offices by 2009 and will commence building a branch building in Rio, Wisconsin to open by the end of the fourth quarter of 2008. |
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