The Iowa Bank, of Rock Rapids, Iowa was organized in May, 1892, by P.M. Casady, being simply a private bank, and was conducted as a private bank by P.M. Casady, until June 1, 1899, when said bank was purchased by Simon Casady, vice president, of the Des Moines Savings Bank of Des Moines, Iowa, and Chas. N. Voss, cashier of the German Savings Bank of Davenport, Iowa, they taking the bills receivable, which were $22,493.68 and assuming the deposits of the Iowa Bank, which were $18,273.31, and P.M. Casady retired from said bank.

On June 1, 1899, the said Simon Casady and Chas. N. Voss, together with E.C. Roach, J.W. Ramsey, L. Sutter and F.L. Sutter, all of Rock Rapids, Iowa, organized the Iowa Savings Bank of Rock Rapids, Iowa, with an authorized capital of $50,000 of which $25,000 capital was issued and paid in cash.

They elected as directors for the ensuing year:  Chas. N. Voss, E.C. Roach, Simon Casady, L. Sutter and J.W. Ramsey, and the said directors elected J.W. Ramsey as president, L. Sutter as vice president and F.L. Sutter as cashier, and the said directors and officers have been reelected from year to year, and are at the present time the officers and directors of the said bank.

The bank continued to do business on the $25,000 capital until their annual meeting in August, 1903, when the capital was increased $25,000, making a paid-up capital of $50,000, being the capital at the present time.

By reference to January, 1904, bank directory, this bank reports as follows:  Deposits, $110,000, loans, $115,000, cash reserve, $26,000.

Index   Home