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Picture: The First Bank Building, About 1908 - Note the hitching posts

STANWOOD BANKS

       In October 1892 the first bank in Stanwood was opened by M. L. Simmons and J. H. Coutts, in a one-story building east of the present hardware store. Three years later the bank moved into the east section of a building newly erected by S. C. Wilkins on the corner east of the first building used by the bank. It was operated as a private bank, with Mr. Simmons’ daughter as book keeper and cashier. At that time Stanwood had a population of about 250.

       As the town developed, the bank did also. In November of 1900 the bank was incorporated under the laws of the State of Iowa and named the Stanwood Savings Bank. Nineteen shareholders signed the Articles of Incorporation, with a capital of $20,000, surplus of $1,000, and total resources of $85,000. The first board of directors were J. H. Couts, president; W. J. Muhs, vice-president; M. R. Simmons, James Davidson, John Spear, T. B. Miller, and F. R. McClellan. M. L. Simmons was cashier and C. H. Haesemeyer assistant cashier.

       During the autumn of 1907 a second bank called the Citizen’s Bank was started, also a private bank, with Otto Evers as manager and Thomas Alexander assistant. Two years later a proposal was made to consolidate the two banks under the name, Union Savings Bank. This was done with a combined capital of $30,000 and total assets of $240,000.

       In the period of prosperity that followed, the bank continued to grow. In order to be of greater usefulness, The Articles of Incorporation were amended to empower the bank to act in all the trust capacities granted by the state legislature. At the same time the name of the bank was changed to The Union Trust and Savings Bank.

       For a number of years high prices for farm products prevailed, resulting in a land boom that reached its crest in the late twenties. Then came the crash of the New York Stock Market (Oct. 1929) bringing a severe drop in all values. “Hard times” was what they called it then, and everyone suffered. This depression lasted several years, coming to a head in 1933 when President Franklin D. Roosevelt asked all banks to close for a short time so that businesses might reorganize without a panic. The Stanwood bank, which had never been in danger, complied of course, opening again within a few days. In the fall of that year Congress passed an act creating the Federal Deposit Insurance Corporation. The Union Trust and Savings Bank joined, enabling it to offer insurance to its depositors.

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Picture: Interior of Bank 1912

       The only time the bank has ever been the target of bank robbers was in February, 1932. The bandits escaped with $575, but due to the alertness of the local telephone operator, Hollis Wilson, they were stopped at a road block near Lowden about 30 minutes after the robbery. One of the robbers who was killed in the arrest, proved to be a person who had lived in Stanwood as a young boy.

       Due to the fact that both of the banks in Olin had closed, a petition by business men and farmers of that area in 1935 requested that the Stanwood bank give the town of Olin banking service. This was in accordance with a law which authorized banks to conduct a regular banking business in a neighboring town. Otto Evers, who was active vice-president of the home bank, took over the management of the Olin branch and continued in that capacity until his retirement in 1959. Mr. Evers commuted from his home in Stanwood, disregarding bad weather and frequent hazardous driving conditions. When he retired, Willard Hoyman succeeded him as vice-president and manager of the Olin bank.

       By 1944 deposits had increased sufficiently to warrant increasing the capital of The Union Trust and Savings Bank from $30,000 to $50,000. Total assets on December 30 of that year were $1,500,000. By the end of World War II (1945) total assets had passed the $2,000,000 mark.

       A sound institution outlives the men who bring it into being and nurture its growth. Accordingly, the story of the bank must include the record of the passing of several who helped to found it and make it grow, Henry C. Haesemeyer’s death in May 1958 brought to a close 61 years of devoted service that he had rendered to the bank, a record seldom equaled. He was known fondly in his own community as “Uncle Henry” and in banking circles as a keen, clear-headed business man. People of Stanwood and Cedar County had honored him in 1948 as he rounded out fifty years in the Stanwood bank. He was President of the Board from Jan. 1 until his death, a period of 17 years.

       On October 23, 1964 at 2:30 a.m. fire broke out in the store occupied by the Clarence Co-op adjacent to the bank, completely destroying that store and part of the building directly over the bank premises. Due to a brick fire wall between the Co-op and the bank and a steel ceiling over the bank premises, there was no fire or heat damage within the bank. However, smoke and water damage in the bank were quite severe. Banking operations had to be moved and, fortunately, the building erected two years earlier as the Stanwood Medical Center was unoccupied and available. Here the Union Trust and Savings Bank carried on “as usual” until early 1966. The grand opening of the new bank on Broadway was held on June 3 and 4, 1966. Total resources at the end of 1966 were $6,714,475.38. At the end of 1968 resources was $8,103,533.36.

       One of the original stockholders of the Union Trust and Savings Bank and a continuous member of the Board of Directors since 1909 was C. E. Hoyman who passed away on October 28, 1963. He was a member of the examining committee and took great interest in all phases of bank operation. He had not missed a board meeting in 53 years. His sound judgment and sincere concern for everything that meant the welfare of the bank contributed much toward its growth.

       On July 7, 1965 death claimed Otto Evers, vice-president and one of the original stockholders of the bank. He was a long-time employee and member of the board of directors, having devoted 55 years of his life to the operation and management of the bank. His work included vice-president and office manager of the Olin branch. He served as chairman of the board from January 1959 until poor health forced him to resign in January 1965. His ability and faithfulness as a public servant will long be remembered.

       The present board of directors is as follows: Carl Haesemeyer, President, Willard Hoyman, Vice-president; James Cousins, William H. Davidson, B. G. Penningroth, Donald W. Smith, Kenneth L. Smith, and cashier Roger Smith. Assistant cashiers: Eileen Crowder, Willa Laetare, Lois Nodurft and Leonard Koppenhaver.