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The Farmers State Bank of Monterey was incorporated on the
23rd day of November 1912 by a group of local farmers and
businessmen with leadership from F.S. Schwalen of Triumph,
Minnesota, who was also the majority stockholder.
| Original
Incorporators and Stockholders: |
| E.W. Mayer, Triumph |
Andrew H. Anderson, Monterey |
C.H. Mikosch, Alpha |
| P.J. Erickson, Monterey |
Emil Olson, Odin |
F.S. Schwalen, Triumph |
| A.J. Peterson, Monterey |
John A. Erickson, Monterey |
John Porisch, Alpha |
| M.S.A. Johnson, Monterey |
C.A. Johnson, Monterey |
Charles Swanson, Monterey |
| Olof Anderson, Sherburn |
John Palmberg, Monterey |
Carl Sjogren, Monterey |
Many of the above men were also members of the first Board
of Directors and F.S. Schwalen served as President and M.S.A.
Johnson as Cashier. During those early years all records and
accounts were hand posted, a practice that continued for many
years.
At the annual meeting on January 4, 1917, the election of C.E.
Landin as President and Alfred E. Peterson as Cashier, positions
they held through 1930, took place. In January 1931, Alfred
Peterson was elected Vice President and at the time the total
holdings of the bank were reported as $218,337.81.
On March 4, 1933, in the depth of the Depression, the Federal
Reserve Banks and the Governor of Minnesota declared a bank
holiday, “closed all banks in the State of Minnesota
until further notice”, a holiday which lasted a week
with some banks never reopening. Following this period, the
Federal Reserve Act was amended providing Federal Deposit
Insurance with the bank receiving its certificate effective
July 1, 1934, insuring deposits to $5,000.00.
On September 4, 1943, Alfred Peterson was elected President
upon the death of C.E. Landin and Elmer Peterson was elected
Vice President and Cashier.
Leslie Peterson joined the bank staff
in December 1952 and was elected Assistant Cashier in January
1953. Total assets of the bank as of January 1, 1953, were
$1,398,789 and total capital was $99,169. Darwin Anthony joined
the bank staff in 1961. Following the retirement of Walter
Benson and Alfred Peterson in 1974, the bank came under the
management of Leslie Peterson, President, and Darwin Anthony,
Vice President. Today, the bank provides the community with
convenient and modern banking services. With loyal community
support, the bank has continued to grow locally and even expanded
with the addition of First National Bank of Dunnell. Total
holdings of the bank on December 31, 2005, were $41,804,654
with loans to the community of $23,959,017.
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