Independent Banker - August 2024 - 50

{MEMBER MILESTONES}
150 years
WNB FINANCIAL
WINONA, MINN.
The year was 1874. The Civil War had been over for
nine years, and the first transcontinental railroad
was five years old. The country was still reeling from
a financial crisis the previous year when, in July, the
Great Plains were invaded by a swarm of locusts. In a
world dogged by recession and plagued by omnivorous
grasshoppers, 10 ICBA member banks came
into existence.
On July 1, 1874, Winona Savings Bank opened
its doors at East Second Street in Winona, Minn. Its
first president was William Mitchell, a judge on the
Supreme Court of
Minnesota. Then,
at the turn of the
century, one of
the best-known
entrepreneurs
in southeastern
Minnesota,
J. R. Watkins,
bought a
substantial stake
in the bank.
Clearly, these
were competent
stewards,
as the now
$562 million-asset
community bank
went on to survive
two world wars,
the Spanish Flu and the Great Depression.
" Earlier this year, when we celebrated our 150th
anniversary, I said that COVID was actually our second
pandemic, so we've been around that long, " laughs
David Vaselaar, current president and CEO.
He notes that community banks are experienced
at overcoming challenges, among them the large
consolidation of banks over the course of Winona
Savings' 150-year tenure.
In the spirit of Oktoberfest, the WNB Financial team hosted a free
Brat Bonanza cookout at their Holmen, Wis., branch.
" I think it's a real testament to us to not only be one of
those banks that have survived all of those challenges,
but to have done it as an independent community
Grace and
Ernest King
of Winona
Savings Bank,
now WNB
Financial,
in 1926
A 150-YEAR-OLD PAPER TRAIL
The Bank of Marion in Marion, Va., has
a strong tradition of documenting its
history and handing down generational
knowledge from one leader to the
next. In its archives, you'll find all the
minutes that have been recorded by
the bank's board of directors since
the community bank's inception in
1874. In 1993, bank president Robert
Garnett used those minutes to
compile a written history of the bank,
documenting the achievements of
founder Minter Jackson, the precise
amount the bank was founded with
($869.34) and much more.
So, it's not surprising that, in honor
of its 150th anniversary, The Bank of
Marion plans to bury a time capsule
containing contemporary banking
items, publications from local and
regional news outlets, and other
items that are representative of the
community bank's 2024 financial,
business and cultural worlds.
" We thought it would be interesting
and important to put one together, " says
Sam Russell, vice president and director
of marketing at The Bank of Marion. " Of
course, we'll protect the location so no
one can mess with it. The information as
to where it is will be stored in our vault.
And then, in 50 years, the time capsule
can be opened, and it will contain items
that are representative of who we were
in 2024. It will give a picture of how our
world was. "
50 // ICBA Independent Banker // August 2024
Independent Banker - August 2024

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