 |
Reload Page 
|
|
|
|
|
||||
|
 |
 |
|
About the FreedomBank
FREEDOMBANK BOARD OF DIRECTORS:
FREEDOMBANK OFFICERS, ELKADER:
FREEDOMBANK OFFICERS, MONONA:
FREEDOMBANK OFFICERS, POSTVILLE:
FREEDOMBANK
CASH & DUE FROM BANKS............. $ 4,145,100.00
DEPOSITS................................. $191,999,713.12
THE HISTORY OF FREEDOMBANK The town of Farmersburg, Clayton County, Iowa, was stepping into the 20th century. Farmersburg was what the name suggests—an active rural community. And, according to folklore, the population consisted of two main factions; businessmen of English and Norwegian ancestry and German farmers. Farmersburg was able to meet the needs of its citizens with one major exception—there was no bank. Those who spoke English wanted to start a bank and those speaking German also wanted a bank. It was a local fellow named Gott Zurcher who banded the two groups together to lay the groundwork for establishing the Farmersburg Savings Bank. On February 3, 1903, the first annual meeting of the future bank was held to establish board members and directors. To quote article VII from the original meeting, it states: “The officers of said corporation shall consist of a President, Vice-President, Cashier and a board of seven directors, each of whom must own at least one share of stock.” Those elected were: • John Everall, Sr., Farmersburg, President & Director • J. H. Splies, Froelich, Vice-President & Director • W. J. Mitchell, Waukon, Cashier • W. F. Fuelling, Farmersburg, Director • W. W. Bulman, Waukon, Director • Frantz Hetrich, St. Olaf, Director • H. W. Thompson, Farmersburg, Director • G. H. Schulte, Elkader, Director Further, it was decided the articles adopted at this meeting may be amended at any regular annual meeting or special meeting called for by two thirds vote of the entire capital stock. Those attending the original meeting were: John Everall, W. F. Fuelling, Henry Oelke, Sr., C. L. Sherman, Henry Gilster, Wm. H. Oelke, C. W. Meier, L. C. Fuelling, Ed Mathews, Gott Zurcher, Wm. L. Fuhrman, Peter Nielsen, Henry Erickson, John Eno, G. H. Schulte, W. J. Mitchell, H. W. Thompson, Henry Oelke, Jr., James Mathews, David Jacobia, Charles Hinsch, Haaken Thoresen, Fred Buckman, Thove W. Thompson, Henry Suddendorf, J. H. Splies, A. E. Gulsveg, Jacob Miller, Jos Matt, W. W. Bulman The written foundation was now in place, but the actual bank remained to be built. On March 12, 1903 the decision was made to build a bank at a cost of $2,852.00, contracted by W. F. Fuelling. The vault would be placed on rock with an eighteen inch stone wall, and broken rock would be used in the cement floor. This broken rock would be the size of walnuts. Another contract was given to build the vault, the safe, and the lockboxes for $1,000.00. This bank is still standing in Farmersburg one hundred years later. In 1970 it was remodeled and the upper story has been removed. One finds it interesting to note that during the Farmersburg Savings Bank's early years, there was no interest paid on savings accounts. The yield on a six month certificate of deposit was 3%, and on a one year certificate it was 4%. The first recorded loan was borrowed at 8% interest. The first share of bank stock was sold to W. F. Fuelling for $100.00. Deborah O'Brien was the first woman stockholder, purchasing her shares on August 3, 1903. When the Depression of the 1920's hit the United States, it was bank director H. W. Thompson who was instrumental in encouraging bank depositors not to panic; their money was safe. Thus, the bank remained open throughout the Depression. When researching the history of the bank, the little details are interesting. For example, in December of 1942 it was decided to give the cashier a monthly salary of $195.00 from the previous $180.00, and the assistant cashier $125.00 compared to the earlier $115.00. On February 3, 1953 the Farmersburg Savings Bank was entering its 50th year. The total assets were $847,547.83. In 1969, the F. A. Moser family sold their controlling stock to the LeRoy C. Darby family, who owned Union State Bank in Monona. The banks were considered “sister banks” because of their mutual owners, but each operated as a separate entity. In January of 1978 the Farmersburg Savings Bank charter was moved to Elkader with the opening of Peoples State Bank, and the office remained open in Farmersburg. In 2005, LeRoy C. Darby, Inc., a bank holding company, purchased Postville State Bank. Postville State Bank became a third “sister” and operated as an independent bank until March 31, 2006. On that date, Union State Bank and Postville State Bank merged with Peoples State Bank. The result of the merger was a single bank with four operating locations which was renamed “FreedomBank.” On July 5, 2007, longtime board members and bank owners, LeRoy and Colleen Darby, sold their stock to the LeRoy C. Darby, Inc. Employee Stock Ownership Plan. This purchase gives control of 91.3% of the stock to the FreedomBank employee retirement plan. Employee ownership is unique in the banking industry and entrusts the Darby family's banking legacy to the past, present and future employees of FreedomBank. |
|||||||||
 |
|
| | © Copyright 2007 | Privacy | Contact Us | |
 |
|
Home