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| Additional information |
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| Farmers Trust & Savings Bank |
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Overview:
Farmers Trust & Savings Bank is an employee-owned, independent, community bank with offices in Buffalo Center, Lakota, Britt and Lake Mills.
We offer a variety of products and services to meet your personal and business needs, along with competitive rates.
Farmers Trust and Savings Bank is proud to have financially supported over 70 local groups and organizations, contributing over $50,000 as of August 2008 and over $78,000 in 2007.
Employees and Board Members are active in local civic organizations, fire departments, ambulance corps, and school groups. They also serve on boards at nursing homes, churches, development groups, golf courses, county fairs, and foundations. |
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History:
On May 16, 1914, J.J. McGuire, a member of the McGuire Lumber Co. family, along with F.L. Sharon, H.D. Feldick, C.J. Anderson, and E.B. Aukes, organized and incorporated the Farmers Trust & Savings Bank in Buffalo Center. The bank building was located at 125 North Main Street, the same address that had been occupied by several other banks in the town's early days.
The Great Depression of the 1920s and 1930s caused many banks in Iowa and across the county to fail and First National Bank of Buffalo Center was one that did not survive. Farmers Trust & Savings Bank purchased their bank building and the business was moved across the street to 201 Main Street in 1935.
The Depression also caused both of the banks in Lakota to fail, leaving the community without a bank. Farmers Trust & Savings Bank opened an office there in 1935.
Elso E. Sapp purchased controlling interest of the bank in the 1930s. After 53 years of personal involvement in the bank, he sold controlling interest to W.D. Ley in 1967.
Construction of a new building in Buffalo Center was completed in the spring of 1971 at 101 North Main Street, where the home office is currently located.
In February 1992, the bank purchased the Home Federal Savings & Loan office in Britt from the regulators. It was the first expansion of the bank in 58 years.
The bank received approval in March 1998 to open a bank office in Lake Mills. A temporary loan production office was opened in October 1998 while the bank building was being constructed. The new bank opened in February 1999.
In February 2002, the bank purchased the Gateway Savings Bank office in Lake Mills and merged it with its existing office.
W.D. Ley passed away in December 2000 and his shares were held in his Estate until June 2004 when they were sold, along with other minority shares, to the employees of the bank. The employees (Employee Stock Ownership Plan) now own over 80% of the shares.
Throughout its history, the bank has existed to provide credit, quality financial products, and outstanding service to the communities in which it served and a fair return to its shareholders. To this day, we remain primarily an agricultural bank in rural north central Iowa and we're proud of our heritage.
Top photo: Gas station across from the depot was remodeled and completed in 1971 and is the current home office of Farmers Trust & Savings Bank.
The bank paid 5% on 6-month CDs in 1914.
During the 90+ year history of the bank, there have been 6 presidents: J.J McGuire, E.B. Aukes, E.E. Sapp, W.D. Ley, C.J. Gerzema, and Brian Vander Wilt.
After one year of business, the bank's capital account totaled $28,868 with total assets of $249,800. Today, capital exceeds $14,000,000 with total assets of $153,000,000. |
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