The first board meeting of the State Savings Bank is dated January 15, 1914. State Savings Bank was incorporated in the State of Iowa on March 20, 1914. State Savings Bank acquired the Rake Banking Company from A. A. Rake, with Mr. Rake serving as the first president. The total assets acquired were $83,000, with $15,000 capital raised from 35 local investors.
The bank business started in a frame building on the corner of Grace and Main Streets. Business was conducted in this structure until 1916, when a new brick building was constructed on the bank’s present site. At this time, Johnnie Rake was named cashier and served for the next 38 years. State Savings Bank was remodeled in 1964 and again in 1978.
In 1973, Gordon and Marlys Swenson bought controlling interest in State Savings Bank from L. A. Wirtjes and O. H. Toft, and remains in the Swenson family to this time. In 1973, total assets were $3,000,000. Today, State Savings Bank has assets exceeding $65,000,000.
The owners, directors and staff of State Savings Bank express their deep gratitude to our loyal customers and friends for your continued support of our institution. We look forward to the next 100 years of providing quality financial services to our many patrons.
