Thanks to the loyal support and patronage of its communities, the bank has seen a growth in total footings from $47,672,000 at the end of 1990 to $57,381,000 at the end of 2000. During the same period, deposits have increased from $43,054,000 to $50,537,000 and loans have increased from $12,127,000 to $26,396,000.
The Titonka Savings Bank was not the first bank established in the Titonka Community. The Bank of Titonka and Farmers Bank, started soon after the town of Titonka was platted, were merged into the First National Bank on October 15th, 1900. The First National Bank subsequently purchased the Peoples Bank in 1911, the Peoples Bank having been established around 1904. The First National Bank continued in business until December of 1930, when it was forced to close by the Great Depression.
The first recorded activity pertaining to the Titonka Savings Bank is a Notice of Incorporation, dated the first day of November, 1915 and published in the Titonka Topic. The incorporators and first directors were F.R. Amesbury, B.A. Pannkuk, B.S. Pannkuk, L.C. Seward, Al. Falkenhainer, M.P. Haggard and J.W. Haggard. On the 18th day of December, 1915, notice was received from the office of the Auditor of State, under certificate #793, bank #855, authorizing the corporation to transact business as the Titonka Savings Bank. On December 20th, 1915, the first recorded Board of Directors meeting was held in Al. Falkenhainer's office in Algona. At that meeting, Director and Cashier L.C. Seward resigned and Lee O. Wolfe was elected Director and Cashier. Ralph H. Peterson was elected Assistant Cashier and February 14th, 1916 was set as the opening date of the bank. Arrangements were made to rent the front room of the Titonka Topic office for $20.00 per month, including heat and lights. Approval was given for the purchase of a Burroughs posting machine, costing $615.00 and authorization was made to purchase a safe from G.L. Dalton. The Topic building stood until 1988 and was the building immediately south of Rollies Food Center.
The first shares of stock in the Titonka Savings Bank were issued on January 29th, 1916. 150 shares with a par value of $100.00 each were issued, creating a paid in capital for the bank of $15,000.00. Certificate #1, for 5 shares, was purchased by M. P. Haggard. Other individuals purchasing shares in the Titonka Savings Bank on that day were F.R. Amesbury, B.S. Pannkuk, B.A. Pannkuk, Otto Falk, Boye Dieckmann, Lee O. Wolfe, J.W. Haggard, Ralph H. Peterson, Al. Falkenhainer and L.C. Seward.
On February 14th, the opening day of business, some 132 savings accounts were opened, in addition to other deposit accounts. Among those individuals opening accounts on the first day of business of the Titonka Savings Bank, there were 9 who continued to do their banking business at the Titonka Savings Bank for 75 years. Those individuals were John A. Pannkuk, Vernelle Zwiefel Bilsborough, Gesina Janssen Heyer, Ronie Janssen, Steven R. Tjaden, Carl F. Callies, Maurice Keil, Vivian Reibsamen Keagle, and Vera Mechler Schweitert.
Initially, the day to day business of the Titonka Savings Bank was run by Lee O. Wolfe out of the one room office in the Topic building. In October, 1917, a contract was entered into to remodel the Denton Drug Store to a bank building, including vault, lobby, tile, toilet room, etc. for the cost of $1,750.00 (excluding the cost of painting and of a sky light). In November of 1917, the bank purchased the building for $3,000.00. In 1918, the bank moved to the new location. This is the building that served as the Titonka Savings Bank up through 1955. This building is still occupied by the bank and the vaults that were constructed in 1918 are still in use for the storage of insurance records and bank records.
In November of 1917, Director M.P. Haggard resigned, as did Assistant Cashier R.H. Peterson. V.J. Martin was elected Director and Vice President. In April of 1920, William Boyken joined the Bank as Vice President, succeeding V.J. Martin who resigned his position. He became active in the operation of the Bank along with Cashier, Lee O. Wolfe. Henry Meyer replaced Lee O. Wolfe as Cashier for a short time in 1925 and subsequently H.C. Schweppe joined the Bank as Cashier in 1925, serving until 1935. In May of 1927, A.C. Schweppe was hired as a bookkeeper.
Mr. Al. Falkenhainer was the first President of the Titonka Savings Bank, being President from November 1st 1915 through October of 1918. In October of 1918, F. R. Amesbury was elected President and served in that position through December of 1924. From December of 1924, until his death in March of 1939, B.S. Pannkuk served as President of the Bank. In memorializing his passing, the Board of Directors recognized that B.S. Pannkuk represented the four great forces of our American life, namely the State, the Home, the Church and the School and that he had served each with his strong body and keen mind.
One item of interest noted in the minutes of the Bank was that in March of 1926, one of the Directors was absent from a Directors meeting due to being quarantined at home. At that time, it was also noted in the minutes that it was decided to charge for making out dog, auto and hunting license applications. Those are certainly signs of times that have since seen much change.
On November 24th, 1929, there was considerable excitement at the Titonka Savings Bank. The bank was robbed by three bandits. One of the men came into the bank about closing time in the afternoon, and asked for change for a five dollar bill. Henry Bruns, bookkeeper, the only one in the bank at the time, was about to oblige when the bandit showed him his revolver and announced it was a hold-up. Soon afterwards William Boyken and Bill Batt returned to the bank and opened the locked door. As they did, one of the surprised bandits rushed to the front of the bank and jabbed a gun into Mr. Boyken's ribs and ordered him to the back of the room. Mr. Batt escaped by backing out the door, and ran to the Falk garage. The bandits, fearing capture, made a quick get away and escaped to the car parked in the alley. They stole about $4,000.00 The disturbance created quite a stir in Titonka, and WHO of Des Moines broadcast the news soon after it happened.
In October of 1950, the capital of the Titonka Savings Bank was increased from its initial capitalization of $15,000.00 to $45,000.00 by the issuing of a Stock Dividend. In July of 1953, the Titonka Savings Bank applied for membership in the Federal Reserve System. It was at that time and continues to this day, to be the only Bank in the County to maintain Federal Reserve Membership. In November of 1953, the capital of the Bank was increased from $45,000.00 to $60,000.00, again by declaring a Stock Dividend. In October of 1965, a Stock Dividend was again declared and the capitalization of the Bank was increased from $60,000.00 to $120,000.00. In November of 1982, the Directors did again increase the capitalization of the Bank from $120,000.00 to $480,000.00 by means of a Stock Dividend. The present capital account of the Bank remains at $480,000.00.
In September of 1954, contracts were let for expansion into the Earl Stott building, immediately to the North of the Titonka Savings Bank. John B. Isebrand, A.L. Honken, and Loren Williamson, were the primary contractors for the project. One major improvement was a new vault with a modern, Diebold vault door. The total cost of the project was about $22,000.00. Open house for the new facility was held on Saturday, April 23rd, 1955.
In March of 1939, upon the death of President B.S. Pannkuk, William Boyken assumed the Presidency of the Titonka Savings Bank. He had served as Vice President from June of 1920 through March of 1939 and subsequently as President from March of 1939 until his death in December of 1958. During this time, he had seen the bank grow from $350,000.00 in assets to $3,429,000.00. The Board of Directors did cite William Boyken as being a tower of strength and safety for the bank, a person who had served unselfishly through all the years he had been associated with the bank, giving of his time for his work, his church and his community.
In the spring of 1965, the bank remodeled the backroom, providing offices for income tax work and for a meeting room, as well as improving other backroom facilities. The cost of this project was $35,000.00.
In December of 1972, a contract was entered into with Kirk Gross Company to expand into a somewhat larger bank facility, the bank having purchased the Blake Funeral Home building earlier that year. The project was completed and an open house was held on October 18th, 1973.
In the summer of 1983 the Bank did expand back into the part of the Bank that had been occupied by Dr. John J. Lesiak from 1955 until his retirement. This project was again overseen by the Kirk Gross Company, with the work done by Clarence Isebrands. This project provided the Bank with two additional offices as well as expanded Insurance Agency facilities and an improved computer room.
Also, in 1993, the Titonka Savings Bank was completely remodeled inside and out. We expanded our office area and reconfigured our teller line to provide better service to your customers. The backroom area was doubled, and additional space was made available for offices and storage.
In 1976, the Bank installed its first computer, an NCR 499, electing to continue to do all of its bookkeeping work in house as it had done through the past years and thereby, maintaining control over its operation and continuing to provide safe, sound and friendly banking services to its customers. The Titonka Savings Bank was one of the first institutions in the North Central Iowa area to change over to computers and has continued to maintain modern, up to date bookkeeping facilities. It has subsequently upgraded its computer operation several times and is presently in its sixth generation of computers, utilizing an NCR S/26 Series computer and NCR 7780 image capable proof machine. In addition, the Bank employs extensive use of personal computers which are networked, for income tax purposes, customer bookkeeping services, word processing, financial analysis to include customer cash flows, and in the operation of the insurance agency activities.
Edward Boyken joined the Bank in 1934, being elected as assistant cashier in 1935, cashier in 1939, and serving in that position until January of 1959 at which time he was elected President and continued to serve as President through October, 1982. At that time, Edward Boyken was elected to serve as Chairman of the Board. During the time that he has been with the Bank, he has seen it through 4 major remodeling projects, and has seen the Bank grow from assets of about $300,000.00 to the present $100,000,000.00. Also, during this time the Bank has gone from a manual bookkeeping system, to the computer age. Edward Boyken continues to be active in the affairs of the Bank, providing much wisdom as the result of his many years of active banking experience.
Ed Boyken during his 50th anniversary in Banking - 1984
In October of 1973, Allan Boyken was elected cashier, coming to the Bank from Fisher Controls Company in Marshalltown, Iowa. He served in that capacity until October, 1978, at which time he was elected Vice President. He was elected President in October of 1982, and continues to serve in that capacity.
In 1984, controlling interest in the Titonka Savings Bank was purchased by Titonka Bancshares, Inc., a locally owned corporation.
1991 was a challenging year with almost continuous rains in April and May which delayed planting until June for most corn and beans. The delayed planting coupled with an early September frost resulted in yields about 60% of normal that year. In 1991 the bank introduced its own VISA Card and Master Card credit program. This program provides the bank's customers with local credit card service and quick, responsive service for their credit card needs. Todd Schwartz was elected to the Board of Directors.
In 1992, the Titonka Savings Bank had an opportunity to expand its operations by opening a branch office in Forest City, Iowa. This branch office has enabled us to provide better service to many of our customers who are employed in the Forest City area and also enabled us to expand our operation by providing sound, friendly banking services to the people of the Forest City area as well.
1993 was even more of a challenge for agriculture in our communities again due to a cold, wet, short summer. In the Titonka area, a devastating hail storm caused millions of dollars of damage to crops, buildings and vehicles. Also, in 1993, the Titonka Savings Bank was completely remodeled inside and out. We expanded our office area and reconfigured our teller line to provide better service to your customers. Allan Boyken was named Chairman of the Board, succeeding Edward Boyken who had held that position since 1959.
In 1994, our area was blessed with some of the best crops on record at that time. We also saw increased volatility in grain and livestock prices and in interest rates.
The Titonka Savings Bank installed its first ATM machine in 1995, providing 24 hour cash service for our customers. In addition, we introduced the SHAZAM check card for our customers, allowing them worldwide access to their checking accounts. Janice Folkerts was elected to the Board of Directors and Todd Schwartz was elected Executive Vice President.
1996 was again a challenging wear with a cool, wet spring and cool summer. Fortunately, we enjoyed a warm dry fall which allowed the crops to mature. This year saw both record corn prices and increased volatility in the corn price while the price of soybeans held up rather well and hog prices were for the most part, quite satisfactory. 1996 was also the first year of the Freedom to Farm Act and introduced a whole new set of challenges to the economic equation.
1997 was a good year with good planting, growing and harvesting conditions. In addition, the prices for corn, beans and livestock were for the most part favorable. The year 2000 "problem" was coming into focus and the bank hired Technology Officer Aaron Boyken to assist it in preparing for this upcoming event. Southeast Asia developed economic problems which ultimately affected the local agricultural economy as well.
In 1998, the bank purchased and installed a new core processing system and upgraded its core processing software to insure that our systems were Year 2000 compliant. The bank along with the rest of the Titonka Area Community, celebrated the Titonka Centennial and that celebration was certainly the highlight of the year. Jeff Carlton acquired his real estate license and we began offering real estate services to the Titonka Area Community through Missal Realty of Forest City. At the end of the year, we saw the lowest hog prices seen for many decades. Troy Thilges was elected Vice President.
1999 saw the introduction of a 21st Century Banking product with our check imaging service. This is another example of our efforts to continue to offer state of the art, sound banking services to our customers. We were overwhelmed by the acceptance of this product by our customers. We continued to work diligently to make sure our systems were Year 2000 compliant. As part of this effort, we installed a generator at our Titonka Office to insure a reliable source of power not only for the Year 2000 event but also throughout the year. The general economy continued to prosper with high rates of employment. However, the agricultural economy suffered with some of the lowest prices seen for grain and livestock in a decade.
The year 2000 saw a near perfect year for growing crops with record or near record bean yields and an abundant corn crop. The prices received for grain continued to be disappointing and resulted in a continued reliance on government programs to keep the agricultural economy functioning.
The year 2001 saw the bank double in size due to the purchase of the Forest City and Thompson branches of the Commercial Federal Bank. To prepare for the acquisitions, we upgraded our core processing software to a more modern system, we set up Dial-A-Bank for telephone banking, and we set up our Online Banking website. We also installed a new image capable proof machine in the new Forest City branch to facilitate handling the check volume at that branch and expanded our communications network between Titonka, Thompson, and Forest City. We also added two new ATM's to our network, one in Thompson and one on the campus of Waldorf College in Forest City.
Our commitment to our communities is symbolized by our loan growth, over 115% in the last ten years. We are also committed to the business of agriculture with about 70% of our loans being directly related to the agricultural economy. We continue to explore ways to provide state of the art banking services. Presently, we are providing banking services on the internet for those customers who would like to do so.
Security and privacy of financial information continue to be a priority for us and our basic premise remains unchanged. Simply put, we have but one simple rule and that is "If you hear it here or see it here, it stays here". Each officer and employee is advised of this before being hired and reminded of this from time to time as well. We value your trust and confidence and we do all that we can to safeguard the privacy of your financial affairs. We developed a detailed privacy statement and mailed it to our entire customer base.
The Titonka Savings Bank has been and continues to be a locally owned bank. Decisions are made locally, not at a distant headquarters. Decisions are made here, by the Directors, Officers and staff with whom you deal on a daily basis. Our capital position is very strong and exceeds regulatory requirements For every ten dollars of deposits, the bank has over a dollar of capital. This capital is in excess of regulatory minimums and lends strength to the bank and safety to your deposit dollars. We have financed our growth internally and not with borrowed money, again lending strength to the financial statement.
We look forward to the future and the challenges and opportunities it will present both for the Titonka Savings Bank and the communities it serves. Through sound, conservative management, we can provide stable, progressive banking services to our communities for years to come. We plan to continue to do this as a locally owned banking institution, responsive to your needs and the needs of our communities.
We would like to thank all of our loyal customers for their support these
past 85 years. It is this loyal support and patronage which is the key
to our success. Our depositors and borrowers provide us with the resources
to serve the needs of our communities.
173 Main St N, PO Box 309 • Titonka, IA 50480-0309
Telephone 515-928-2142 • 800-920-2085
Fax 515-928-2042
101 Highway 69 N • Forest City, IA 50436-1616
Telephone 641-585-3247 • Fax 641-585-3907
155 Jackson St, PO Box 7 • Thompson, IA 50478-0007
Telephone 641-584-2275 • 866-984-2275
Fax 641-584-2575
©2001-2007 Titonka Savings Bank
04/11/2003