In the year 1877, the late Col. J.K.P. Thompson, with his brother, T.C. Thompson, entered into a co-partnership to carry on the business of banking at Rock Rapids, under the firm name of Thompson Brothers, and the corporate name of "Lyon County Bank," with a capital of $5,000.  This was the beginning of the banking business in Lyon County.

In June, 1879, O.P. Miller, then cashier of the Citizens' Savings Bank of Elgin, Fayette County, Iowa, visited Lyon County, with a view of engaging in the banking business.  In talking over the matter with the Thompson brothers, arrangements were made for the purchase of the private bank, and the reorganization of the same with a capital of $25,999, the capital to be furnished in equal shares by Hon. Wm. Larrabee, Col. R.A. Richardson, L. Suttter and O.P. Miller, of Fayette County, and J.K. P. Thompson, of Lyon County, Iowa.  The bank was reorganized under the firm name of Miller & Thompson, with Messrs, Larrabee, Sutter and Richardson as special partners.  The term of the partnership was for three years.  At the time of the reorganization of the bank the deposits were $15,000 and bills receivable and real estate, $14,616.

Immediately after arrangements were made for the reorganization, Miller & Thompson began the erection of a commodious two-story brick building, at a cost of $5,000 being the first brick building erected in the county.

The building was completed in April, 1880, and the business was transferred from the little, old one-story building on the north side of the street, to the new building.  Soon after moving into the new building, Chas. A. Smith was installed as bookkeeper.

In 1883, Mr. M.A. Cox took the position of bookkeeper and C.A. Smith was appointed cashier.

At the expiration of the co-partnership in 1883, Messrs. Richardson, and Sutter sold their interest to the remaining partners and the business was continued as before, under the firm name of Miller & Thompson, with Senator Wm. Larrabee, afterwards governor of Iowa, as special partner.  At this time the capital was increased to $50,000 and the deposits had increased to $57,449 and the bills receivable, stocks and real estate, to $111,981.

In 1885 M.A. Cox was appointed assistant cashier.  In 1887 Chas. A. Smith resigned his position as cashier and moved to Pasadena, California, and M.A. Cox was appointed cashier in his place, which position he has most ably filled from that time to this.

In January, 1888, in order to meet the growing demands of the public, the capital was increased to $75,000.  The deposits at this time were $84,828, and the loans and real estate amounted to $154,383.

In February, 1889, the bank building, together with Union block, was completely destroyed by fire.  Through the courtesy of Roach & Ramsey, attorneys, the bank was permitted to occupy the front part of their office, as a temporary banking room, until October, when the new, three-story brick building was completed.

The special partnership having expired December 31, 1892, by limitation, Ex-Governor Larrabee, sold his interest to the general partners.  Not-withstanding that the deposits had increased  to $199,418 the partners found it necessary to still further increase their capital to $100,000.  In each case the increase in capital, was taken from the earnings of the bank, notwithstanding regular annual dividends had been paid througout these years.

In 1893 Mr. F.B. Parker was appointed assistant cashier.

In October, 1902, on account of the failing health of the junior partner, Col. J.K.P. Thompson, it was thought best by Miller & Thompson to divide their banking and real estate business and accordingly they organized Miller & Thompson's Land, Loan & Trust Company, with a paid up capital of $60,000, transferring the real estate owned by the firm to said corporation.

During this year, it having been thought advisable to reorganize as a national bank, the necessary steps were taken with this in view and in pursuance of authority granted by the comptroller of the currency on January 11, 1904, the Lyon County National Bank took over the business of the Lyon County Bank and began operations under the new name, but under the same old management.

The capital stock of the bank, $75,000, and of Miller & Thompson's Land, Loan & Trust Company $60,000, is held by O.P. Miller, M.A. Cox, F.B. Parker, C.J. Miller, Mrs. C.A. Thompson, Lily Thompson Parker, Leta Thompson Wold, Hoyt F. Thompson, E. Huntington, H.B. Pierce, Ida L. Pierce and F.H. Davis and both corporations are managed by the same board of directors; Messrs. O.P. Miller, M.A. Cox, F.B. Parker, E.Huntington, C.J. Miller, H.F. Thompson and H.B. Pierce, with O.P. Miller, president, M.A. Cox, cashier and F.B. Parker, assistant cashier.

The said trust company takes over the land and real estate loan business of the old bank, which national banks are not permitted to handle, and in addition, by its charter, it is authorized to act as administrator, executor or trustee for other persons, or corporations, to hold real and personal property in that capacity, and to carry out any trusts connected therewith, in any of the states or territories.

By reference to last bank directory January, 1904, this bank reports as follows:

Deposits, $254,000; loans and discounts, $365,000; cash on hand, $51,000.


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