The first bank in Roland was The Farmers Bank, but it was a going concern when the first issue of The Roland Record was printed on February 28, 1895, and for how long before is not known. S. O. Hegland was the President and H. E. Myrah the cashier. In May 1899 it became the Farmers' Savings Bank with Mr. Hegland President and T. P. Hermanson Vice President., The following year the bank erected a double-front brick building, now the Norseman Restaurant and Noel's store, the latter in the portion then occupied by the bank.
In 1908, The Roland Savings Bank was organized in a building where the new Post Office is now located. The officers were N. E. Waugh, President, and Jonas Christian, Vice President. In 1918, it became The First National Bank.
In 1919, the Farmers' Savings Bank traded buildings with S. J. Michaelson, obtaining the present bank building. Early in 1924, the Farmers' Savings Bank and the First National Bank consolidated and became the First National Bank with T. T. Henryson, President, and Jonas Christian, Vice President. The bank was closed and placed in receivership in November, 1930, and for six months the only banking facility in Roland was a currency exchange operated by Mrs. Severie Parker.
In May, 1931, the Story County State Bank was organized with J. A. Snyder, President, and L. T. Savim, Vice President. A branch office was opened at Zearing in December of that year, and the following year Jacob Erickson became President. In November, 1932, the main banking office was moved to Story City, with a branch office in Roland and another at Zearing, until 1942 when Zearing started its own bank.
In 1955, the Story County State Bank adopted a plan whereby a new corporation started the Roland State Bank, which opened for business in January, 1956. R. A. Sweet was named President, and T. F. Jacobson, Vice President and Cashier, with J. O. Twedt as Chairman of the Board.
T. F. Jacobson was elected President in January, 1964, and he purchased controlling interest from R. A. Sweet in December, 1964. Directors elected in January 1965 were T. F. Jacobson, Mabel Jacobson, J. O. Twedt, Erling Shold and Duane Paulson. Mr. Jacobson died in May, 1965, and was succeeded as President and Director by his brother, H. B. Jacobson. At that time Duane Paulson was named Chief Executive Officer and Jerry Hanna was employed as Cashier.
Present directors are Mabel Jacobson, H. B. Jacobson, Duane Paulson, Erling Shold, Jeffrey Townswick, and Jerry Hanna.
The Borwick brothers, Jeffrey, Harold, and Marion, sons of Mr. and Mrs. John Borwick, moved to Roland and purchased the Peter M. Martens' implement and repair business. They added plumbing and heating to their activities and went by the name of Borwick Brothers.
Jeffrey bought out his brothers and continued the business as Borwick Plumbing & Heating. He is assisted by his wife, the former Olive Christian.
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