Independent Banker - August 2024 - 53

bank since its inception. Today, W. T. Nunn's great
nephew, Warren Nunn, serves as chairman, and his sons
Chris and Nick are CFO and CIO, respectively.
The modesty of those early days remains one of Bank
of Halls' core strengths. " We're in a small town, " says
Nick Nunn. " The town of Halls has not changed much
over the years. So, I think that's the main thing that
helped us survive; we knew everybody in town. And the
little community has worked together and just found
ways to make it through, like a lot of small towns did.
We found a way to make it through the tough times. "
He continues, " But I think what's true is times
were a lot tougher back in the early 1900s,
with the Depression and World War I
and World War II. I would say we're very
fortunate to still be here. "
The community bank is not only still
here; it is thriving. With $135 million
in assets, the Bank of Halls oversees
14 banking locations in four western
Tennessee counties, including its sister
banks, 137-year-old Bank of Crockett and
93-year-old Security Bank.
More recent challenges have included
weathering the 2008 recession and the
past years' interest rate increases, as well
as competition from the governmentsubsidized
entities.
" The playing fields are definitely skewed
now versus where it was 75 years ago, " says
Nick Nunn. " But the other factor is that a lot
of banks we compete against, they're also very large. You
look at the Walmart model. These little communities
used to have a general store, dollar store, drugstore, and
now everything's consolidated into a Walmart, so the
community loses a lot. If this little community didn't
have a bank, it wouldn't be the same. "
100 years
THE UNION BANK
BEULAH, N.D.
Wayne G.
Hoffner,
resource
officer of The
Union Bank,
pictured at the
U.S. Capitol
In 1924, Ellis Island closed its doors to most immigrants
and New York City held its first Thanksgiving Day
Parade. That same year, The Union Bank of Dunn
Center was incorporated in Dunn Center, a small town
in west-central North
Dakota, at the height
of summer. O.T.
Evenson was hired as
the assistant cashier
with a salary of $125
per month.
Today, The Union
Bank is based in
nearby Beulah,
N.D., and has six
branch locations.
Wayne G. Hoffner,
resource officer of
$280 million-asset
The Union Bank,
attributes the
community bank's
longevity to customer
loyalty and staff retention. The toughest challenges, he
says, have been changes in regulation, the expense of
which can be " burdensome " for smaller institutions. He
believes the bank's greatest successes include remaining
active and relevant for a century now.
" Change is always hard to accomplish and beneficial
once implemented, " says Hoffner. " We were first to
implement many products in our communities, and that
came with some challenges. We try to be good at a lot of
things but know that we can't be great at everything. "
The Union Bank is celebrating its centenary milestone
with a customer appreciation event at each branch, with
everything from bank-sponsored breakfasts to a live
music event.
Bank of Halls
employees
wearing shirts
supporting the
Walk to End
Alzheimer's
Association
Roshan McArthur is a writer in California.
Curious about what was going on in the U.S. when these banks were
founded? See that and a list of all recognized banks on the next page.
independentbanker.org // 53
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Independent Banker - August 2024

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