Transcribed by Ann Selvig, from:  Allerton, Iowa Centennial,
July 5-6 1874 -1974, 100 Years


     After Allerton was incorporated in 1874, the first bank “Allerton State Bank”, was housed in the Allerton State Bank building which was built in 1883.  This building is across the street south of Lewis Sundries.  Because of frozen assets, the bank had to close its doors in Jan. 1924.

    In 1874 Tyler P. Walden was instrumental in organizing and securing most of the stock for the First National Bank of Allerton.  Officers were:  William Bradlee, Pres.; John Wright, Vice Pres.; and T. P. Walden, Cashier.

.     In 1908, the Farmers National Bank was organized.  It was located in the building across the street south of the Hotel.  It was capitalized at $40,000.  Jasper McCoy was Pres. of the bank; Broughton Bracewell, Vice Pres., D. T. Sollenberger, Cashier and R. W. Kaster, Ass’t. Cashier.  It also had to close its doors Dec. 25, 1924.  Both banks failed to re-open.  This bank was burned in March 1927 which destroyed about 6 businesses on that block.  W. L. Dougherty built the building which is there now and is occupied by Wayne Manufacturing Co.

     Security State Bank was chartered May 20, 1925 and was housed in the old Allerton State Bank Building.  H. J. Richards was Cashier, D. F. Ockerman, Pres.; Miner Chase, Vice Pres.; and directors were:  G. L. Armstrong, B. C. Kelly, G. H. Kimple and M. E. Skinner.  At the end of the year 1925, Totals were $203,091.40, Deposits - $163,012.46 and Loans, $50,658.25.  During the 1930’s, the depression years, it dropped slightly but by 1942 was higher and each year growing.  By 1943 had doubled, by 1950 again doubled and by Jan. 1969 Totals were $2,072,576.78, Deposits $1,372,700.04, Loans $1,086,218.20.

     In 1957 Security State Bank purchased Kenneth Surbaugh’s grocery store and remodeled it into a modern bank building.  They moved to the new building Dec. 16, 1957.  At that time Glen Greenlee was Cashier; Tom Alley, Ass’t Cashier; Lois Gragg and Carmen Bennett, bookkeepers.  The Directors were:  Zell Garratt, Pres.; Perry Sears, Vice Pres.; H. H. Hillyard, Glen Greenlee, and Richard Toliver.

     July 1, 1966 the stockholders sold their shares to Mr. and Mrs. Bert Millis of Des Moines and Mr. and Mrs. Roy Meadows of Grimes, Iowa.  At that time there were 600 shares of stock and 45 stockholders.  Shares were sold at $500. a share.  From Feb. 24, 1969 to the present date the Security State Bank operates as an office of the “Citizens State Bank” of Corydon, Iowa.

     The Executive Officers were:  H. J. Richards 5-20-25 to 11-1-43; W. F. Kesterson 11-1-43 to 1-1-46; J. Ray Shriver 1-1-46 to 4-1-50; Glen Greenlee 4-1-50 to 2-24-69.

     At the branch office here Cloyd McCarty is Ass’t. Vice Pres; Carmen E. Bennett, Ass’t. Office Manager and Laura Davis, part time employee.

     Citizens State Bank here in Allerton has had two night time break-ins.  One on May 28, 1969 but nothing was taken.  On June 10, 1971 thieves took some tools from the Ruark Garage, a .22 caliber rifle from the Western Auto Store and broke into the bank.  The combination lock on the outside door of the vault was broken but no damage was done to the time mechanism.  A tear gas device went off as they were trying to pry open the door of the safe deposit box room, and apparently routed them.  A typewriter was the only thing reported taken.


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