BUSINESS AND INDUSTRY
A History of Banking in St. Ansgar
The history of banking in St. Ansgar reflects the steady and continued growth of this town and the surrounding area. During its early years, the new town conducted all banking business through financial institutions that had been established earlier in neighboring communities, principally Decorah and Osage.
The first banking business in St. Ansgar was carried on under the name "Exchange Office of H. Lubiens and Son." The exact date of its founding is not known, but an advertisement in the local paper on March 5, 1890, said: "Exchange Of H. Lubiens and Son. Does a general Banking business. Sells domestic and Foreign Exchange. Collections promptly attended to. Agents for the following steamship lines: Baltic Line, Hamburg, American Packet Co., Union Line, Hamburg Baltimore Line. Lowest Rates given."
Then in 1891, when it became increasingly apparent that complete banking facilities were needed in St. Ansgar, a group of citizens organized the town's first bank. It opened on March 26, 1891, as the St. Ansgar Bank, a private institution with Avery Brush as president and R. C. Lubiens as cashier and manager. The capital was $10,000.
At the end of the first year of operations, the bank had $56,522 on deposit. Deposits amounted to $179,462 by 1900.
Today, just 62 years after the St. Ansgar Bank's founding, bank deposits amount to more than $2,200.000.
First Bank -- Brush, Lubiens, Annis & Co., 1891.
The Enterprise is printed in building to the right.In October 1900, a second private bank was organized under the name of "Citizens Bank," by C. H. Miller. First officers of this institution were: J. F. Koch, president; G. W. Fulton, vice-president; C. H. Miller, cashier, and Oscar H. Koch, assistant cashier. Capital stock was, $11,000.
A third bank was opened in January 1915, with the name of "First National Bank." It was established by A. N. Lund, George M. Benson, J. B. Carlson and T. H. Hume. Capitalization was set at $25,000. The first officers were: A. N. Lund, president; T. A. Groth, vice-president, and T. H. Hume, cashier.
During this period of time, St. Ansgar experienced wonderful growth and the healthy financial condition of the community was shown by these bank deposit figures for 1918:
St. Ansgar Bank
$741,000
Citizens Bank
601,627
First National Bank
100,000
Total
$1,442,627
At that time in 1918, the same officers were serving the St. Ansgar Bank and the First National Bank as when the institutions were founded. At the Citizens Bank, the same officers also were there, with the exception of J. H. Johnson, who was then vice-president in place of G. W. Fulton.
Subsequently the name of the St. Ansgar Bank was changed to "St. Ansgar State Bank" in 1922. Avery Brush, president and co-founder of the bank, died in 1923 after having served as president for 32 years.
At the time of the 75th Anniversary of St. Ansgar in 1928, the three banks had deposits totaling between $1,800,000 and $2,000,000. At the St. Ansgar State Bank, F. W. Annis was president, and Albert Halvorson was cashier. At the Citizens Bank, J. F. Koch was still president, and Oscar H. Koch was cashier, replacing C. H. Miller who had passed away. At the First National Bank, A. N. Lund, and T. H. Hume were still president and cashier respectively.
The consolidation of the St. Ansgar State Bank and the Citizens Bank on December 30, 1931, under the new name "St. Ansgar Citizens State Bank," brought together in one institution the Brush, Annis, Koch and Johnson families, all of whom had been prominent in the financial affairs of Mitchell County for more than 50 years. The consolidation gave the St. Ansgar Citizens State Bank $1,192,190 in deposits, with total resources of $1,270,829. The bank is still carrying on in St. Ansgar with this same name.
The bank statement published December 31, 1931, following the merger, carried these figures:
RESOURCES
Cash and Due from Banks
$ 153,817.58
United States Bonds
47,500.00
Other Bonds and Securities
(at present market)172,876.85
Loans and Discounts
871,173.68
Bank Premises
15,000.00
Furniture and Fixtures
8,340.92
Overdrafts
1,272.44
Other Assets
848.21
Total Resources
$1,270,829.68
LIABILITIES
Capital
$ 50,000.00
Surplus
25,000.00
Undivided Profits
3,639.13
Deposits
1,192,190.55
Total Liabilities
$1,270,829.68
Chosen, as president of the newly consolidated bank was Oscar H. Koch, who, in 1930, had succeeded his father, J. F. Koch, as president of the Citizens Bank after the latter's death. Associated with him as stockholders of the Citizens Bank were Karl J. Johnson, A. Byron Golberg, James McCulla, Lloyd H. Koch, Conrad F. Hambrecht and Monrad A. Houg.
O.H. Koch building in the Miller block. Built in 1900 by C.H. Miller.
Housed Citizens Bank, dry goods store, drug store. Now Koch office,
Gambles store and the telephone exchange.Stockholders of the St. Ansgar State Bank at the time of the merger were F. W. Annis, H. B. Annis, Laura Annis McCabe, Albert Halvorson, Birchard Brush, Joseph Brush, Laura Brush Spaanum and Julia Brush Johnson.
Albert Halvorson was elected cashier of the new institution. He had become well known to the entire community during his service as assistant cashier of the St. Ansgar Bank, later as cashier of the Clear Lake State Bank, then as cashier of the St. Ansgar State Bank since its incorporation in 1922 as a state chartered bank.
Lloyd H. Koch, the former cashier of the Citizens Bank, was elected active vice-president. A. Byron Golberg, who had been associated with Mr. Koch and the Citizens Bank since 1915, continued as assistant cashier and manager of the insurance department. Oscar L. Mueller, assistant cashier of the St. Ansgar State Bank since 1922, and Monrad A. Houg, with the Citizens Bank since 1919, continued with the new organization as assistant cashiers.
F. W. Annis, who was then president of the Home Trust and Savings Bank in Osage, was elected a vice-president of the consolidated bank, although he was not actively engaged in the banking business at that time, having served Mitchell County banks for many years previous.
Birchard Brush, cashier of the Osage Farmers National Bank in Osage, also was named a vice-president.
Another prominent Osage banker, Karl J. Johnson, president of the Osage Farmers National Bank of Osage, was selected as a director of the St. Ansgar organization. Mr. Johnson was perhaps one of the most active and best-known Mitchell County bankers throughout the entire state.
The board of directors of the St. Ansgar Citizens State Bank after the merger was composed of: Oscar H. Koch, Karl J. Johnson, Lloyd H. Koch, F. W. Annis, Birchard Brush, and Albert Halvorson.
The year-end statement of the First National Bank on December 31, 1931, listed deposits of $184,111, with loans and discounts of $182,790. This bank was closed at the time of the Banking Holiday in March 1933, and subsequently was liquidated.
The St. Ansgar Citizens State Bank continued in business and today holds a prominent position among the banks of Mitchell County and north central Iowa. The 1930's provided its ups and downs in business, because progress of the area was so closely allied with agriculture then as it is now. Despite those difficult days, the management of the bank continued to operate the business in an efficient manner so that it was always ready to serve customers to its utmost capacity.
In the fall of 1942 Lloyd H. Koch resigned as vice-president and director in order to re-enter the armed services, having previously served in the First World War.
In January of 1947, Mr. O. H. Koch retired as president and as a director in order to devote his time to his personal affairs. The following officers and directors were then elected. Albert Halvorson, president; A. Byron Golberg, vice-president; O. L. Mueller, cashier; who with A. T. Altick and M. A. Houg made up the Board of Directors. Since that time, Lester J. Ahrens and Donal R. Halvorson have been added to the board, the latter serving as assistant cashier.
The following figures show a comparison of year-end bank deposits in the St. Ansgar Citizens State Bank since its incorporation under that name more than 21 years ago:
1931
$1,192,190
1935
804,612
1941
752,076
1945
1,672,521
1950
1,882,597
1952
2,201,151
Carding Mill
The old carding mill was owned by Michael
(Mikkel) Olson. It stood south of the Middleburg bridge, on the east side of the creek, on the boundary line between Sweet's pasture and the Olson property (now owned by Mr. Tribbensee). The lower part was used for a carding mill. The upper part was a furniture factory. Mr. Olson also made caskets. In 1886 the building was torn down and the lumber used for building a barn. -- A.G.
The old carding mill
Tobacco Pipe Factory
St. Ansgar had a pipe factory in 1878. Mr. Havig, lumber dealer, was the proprietor and L. Uiven was manager and maker. The pipes were made of sweet briarroot. "Every part was made, stem and all."
Book Bindery
Beginning in the early '80s and continuing for a number of years, C. G. W. Clausen operated a book bindery in the building now occupied by Josephine Gilbertson. He did, "all kinds of book binding, also plain and ornamental painting, striping buggies and wagons." -- A. G.
Cooper Shop
In 1878, a cooper shop was located in the west part of town. It was operated by William and Charles Joy. The output of the plant was flour barrels and the capacity was about 100 per day, with six men employed. This shop supplied the St. Ansgar, Newburg and Otranto mills with flour barrels.
Brick Yard
Stevens and Medin started a brickyard in the northwest part of town in 1879. They made an excellent quality of brick, and "lots of them." The store now occupied by West Bros. is built of brick from this yard. -- A.G.
Woodworking and Later Produce Building
In 1880 or thereabouts, O. F. Havig was proprietor of a woodworking shop located in what was once the old stone schoolhouse. In 1882 he closed the shop and sold the property to J. F. Koch. Mr. Havig left St. Ansgar but returned in 1898, bought the old buildings where the Produce now stands, and again opened a woodworking shop.
In 1901 a company was formed. It incorporated in the spring of 1902 as the "St. Ansgar Wood-working Co." Directors of the company were T. H. Hume, O. H. Anderson and A. N. Lund. R. C. Lubiens was secretary-treasurer and O. F. Havig, president.
In 1903 the building of the present Produce structure began. It is of solid brick, dimensions 40x80 ft.
In 1904 Koch, Miller and Koch came into the firm, making it Koch, Miller, Koch, Lund and Hume. Mr. Havig continued as cabinetmaker and expert wood worker.
A. H. Kuehl succeeded Mr. Havig, continuing the wood working business. In 1923 Mr. Kuehl sold out to Brogmus Bros., a produce firm handling eggs and poultry. They in turn sold an interest to a Chicago firm. Eventually the plant was purchased by the Cedar Valley Produce Co., present owners. Operations continued until 1952. At present the building is not in use.
© 2004 - Tracey Stickney-VanHise
HTMLization by Kermit Kittleson
