An organizational meeting to open a new bank was held by a group of 28 local investors November 21, 1914. Having raised $20,000 in capital at this meeting, an application to the Federal Reserve Bank was submitted. A second meeting raised an additional $5,000 in surplus. Receiving their charter February 20, 1915, officers were duly elected with H. K. Helseth named the first president. The first day of business for Farmers and Merchants State Bank was February 23, 1915. This kind of support from the community is what has sustained Farmers and Merchants throughout the years. “We can’t thank our local customers enough for their continued support,” said Executive Vice President Wade Schmidt. “Generations of families, farmers, business owners, and individuals, have kept the bank thriving.” Family has also been at the foundation of Farmers and Merchants State Bank’s ownership. Bob Pederson, Leonard “Bucky” Massee and Ralph Schmidt purchased the bank from Art Arntsen in 1969. Upon Pederson’s retirement in 1984, he sold his shares to Leonard and Ralph. In 1997, sons Jim Massee and Wade Schmidt purchased the bank from Leonard and Ralph to continue what is now three generations of family ownership. Today, Jim and Wade’s sons, Eddie Massee and Andrew Schmidt, have ownership in the bank, purchasing their shares in 2012.
Current officers are President Jim Massee, Chair of the Board and Executive Vice President Wade Schmidt, and Vice Presidents Eddie Massee and Andrew Schmidt. Recalling changes in banking Jim and Wade talked about the move to computers. “Paper, pencil and a big eraser to computerization,” said Wade of the biggest change throughout his career. “It’s good mostly,” said Jim with a smile about technology. “It is quicker than having to go in the basement or attic to retrieve a file.” Farmers and Merchants installed their first computer system in 1990. Computerization also impacted the number of employees needed at the bank. Once there were 20 employees; now there are 10 full-time employees, which include the owners. Changes in the structure of the building were also noted. The original building was expanded into the clothing store, which was adjacent to the north. The pool hall, once again to the north, was bought in 1972 for expansion and remodeling began in 1981 to what is the present day bank. The drive-up window was added in 1974. Both Jim and Wade agreed they feel fortunate to be part of the rarity that family-owned banks are and proud of the solid financial position the bank has maintained throughout the years. From the simple convenience of our drive up window to the continued personal contact the employees maintain with our customers, we enjoy helping the area with their banking needs.
Farmers and Merchants State Bank of Appleton celebrated its 100th anniversary February 23rd 2015.
