Financial Conversations with Fitz #95 - TSB opens Door Feb 14, 1916 - 02/14/2012
This week is an exciting week in Titonka Savings Bank. The doors opened in Titonka on Valentine’s Day 1916 out of a one room office in the Titonka Topic building. On that first day, 132 savings accounts are opened. Nine of them were still with the bank on their 75th anniversary. The US was in the process of getting involved with World War I. Wilson was giving preparedness speeches in February 1916. The Iowa National Guard had to go to Mexico to handle some border problems. The Dow Jones had its 9th worse drop in history later that year. It went from 110 to 65…40%...sometimes things change and sometime they don’t.
The Boykens joined the bank in April 1920. William Boyken joined the bank as a VP and a director. We even had a bank robbery in Nov 24th, 1929. Three bandits shoved a gun into William Boyken’s ribs and ordered him to hand over the $4,000. Titonka made statewide news that day. In 1934 Edward Boyken joined his father in the bank. Edward was named president in 1959. He is still with the bank today after celebrating his 96th birthday last fall. In 1973 Allan Boyken was with Fisher Controls Company in Marshalltown after graduating from Iowa State in Chemical Engineering (MBS from Harvard Graduate School of Business). His father asked him to come home and help with the bank that his grandfather joined in 1920. Allan was a cashier when he started. Banking was getting into the computer age in 1970’s. TSB went in-house computer in 1976. In 1982 Allan was made president of TSB. This was a challenging time of the 80’s when Iowa had 16,000 farms go out of business. The little bank from Titonka branched out in 1992 by opening an office in Forest City in an old Home Federal Office they purchased. TSB doubled its size in 2001 when they purchased Commercial Federal branches in Thompson and Forest City. Then in July 2006 TSB announced they were going to build a new 18,000 sq ft building in Forest City on Hwy 69. A week after their groundbreaking they held a big customer appreciation picnic in Crystal Lake to celebrate their 90 anniversary.
They opened their new facility in Forest City in September 2007. The philosophy of the family run bank has always been take good care of the customer and their employees. That is what always impressed about TSB when I worked beside them in the same territory for 22 years. Then when I toured the bank right after it opened as an employee of ISU in Cerro Gordo I thought, wow, this would be a great place to work. Having known the Boykens and their philosophy since 1980s I contacted Allan Boyken. Here I am. A great community bank!!!!!
Call or stop in to see us if you have any questions in any of our three offices.
Forest City, Thompson, and Titonka
Remember that you should deal with people in community banks and organizations. When you work with them, you know that you will also see them sitting with you at ball games, church or community events. So, if in doubt give us a call.