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| Additional information |
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| River Falls State Bank |
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History:
The River Falls State Bank opened its doors for business in October of 1949. The bank was located at the intersection of Main Street and Elm Street. The idea of a new bank in River Falls was strongly supported by many local residents who felt that River Falls had grown to the point where another bank was needed and that local consumers wanted a choice on where they could do their banking. A small group of local residents started the leg work and paperwork to get the new bank formed and made it truly a "community bank" as local residents were given the opportunity to buy stock in this new bank. The bank was capitalized with $65,000.00, consisting of 650 shares of stock sold to local investors.
The initial Board of Directors consisted of Newton Pearson, L.J. Kay, Chester Anderson, Otto Kulstad, John W. Davison, Osmar Wilkins and Frank L. Anderson. Business was brisk the first year, and after one year of operation the bank had grown from $144,169 in assets to $861,648.
In this picture (right), the officers and directors of the River Falls State Bank check the financial progress of the bank during its first year. Shown here are Frank Anderson, Newton Pearson, C.A. Anderson, John W. Davison, L.J. Kay, Stanley Larson, Otto Kulstad and seated, E.S. Davison.
The bank continued to grow and prosper and by 1960 total assets of the bank had grown to $2,484,949. Net income for the bank had been $10,391 in 1958, $12,640 in 1959 and $22,905 in 1960. Because of this growth, in 1963 the Board decided that the time had come to do some remodeling to the existing bank and add some more room in order to serve our expanding customer base.
In 1969, E.S. Davison (left), who had been with the bank since its formation in 1949, was named President of the bank.
By 1974, the existing bank facilities had become inadequate and it was necessary to move to new quarters. A new bank building was built at 124 S. 2nd St., one block east of Main Street. This continues to be our current location.
In 1982 Donald W. Larson was named President of the bank. Don had been with the bank since 1964. When Don came to the bank in 1964, the total assets of the bank stood at $2,891,000.00. 30 years later, when Don retired, the assets of the bank totaled over $51,000,000.00. When Don retired from the bank in 1994, he also celebrated 30 years at the River Falls State Bank and 40 years in banking.
After Don Larson retired, Dan Davison (right) was named President of the bank. The assets of the bank currently total over $74,000,000. Our current Board of Directors consists of: Dan Davison, Richard Cashman Jr., Stu Krueger, Brent Larson, Dr. Mark Ritzinger, Robert Moody Jr. and Don Foley. We have approximately 30 employees with our average full-time employee being employed by the bank for over 16 years.
While the River Falls State Bank enjoys an interesting and rewarding past, we are continually looking to the future. Innovative services, such as this web site, allow the River Falls State Bank to provide convenient and secure access to your accounts, while providing exceptional customer service. We would like to thank you for your business in the past, and we look forward to serving you in the future. |
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